Singapore also calls these Executive Condominiums EC. The HDB flats that are hybrids between private property and HDB have gained popularity among local buyers over the past few years. ECs usually offer similar amenities to the ones found in private homes. The ECs can be a great way to experience luxury. Prices are accessible to all. Visit Altura EC showflat before reading this.
There are restrictions on market prices and sale. The ownership restriction is what makes the Executive condominium different from the Private Condominium. Owners of ECs are required to complete a 5-year minimum occupancy period. Similar to HDB rules, this restriction applies. Owners of EC units can sell only their property after five years. Market is restricted to Singapore Citizens, and Singapore Permanent Resident. EC is now free to sell its shares to the public after acquiring privatized status. After 10 Years, it is possible to obtain the privatized status.
The ECs had strict restrictions because the ECs would be used by local homebuyers that cannot afford the private property prices and who also are not eligible to obtain new HDB flats. Investment in ECs may not be a smart move for an investor. Prices for Executive Condominiums is also about 25% cheaper than that of private condominiums. A 99-year leasehold is included. ECs is not considered a full-freehold property.
Benefits for EC purchasers
CPF Housing grants are open to EC home buyers. CPF Housing Grant has its very own eligibility criteria. Singapore will let you know if your household is eligible. The range of the grant is from $10,000-$30,000 and depends on how your gross household income has been evaluated.
Location plays a huge role in determining how much money you can earn from EC property. The ECs offer amenities that are similar to condominiums in the vicinity. Bishan Loft was rated as one the most successful ECs. This is because of its close proximity to Bishan’s MRT station. The MacRitchie Reservoir Park is close by, as well as the Bishan junction 8 shopping centre.