Executive condominiums are an increasingly popular housing choice in Singapore, providing homebuyers with an alternative that combines elements from both public and private housing options. Executive condos make an excellent first-time homeownership option.
ECs are initially public properties for 10 years before becoming privatised at that point. Their ownership becomes easier to transfer after that point and are also more cost-effective as there is no income ceiling attached to ownership of private condos.
1. Affordability
ECs provide homebuyers in Bendemeer Singapore with the best of both worlds: affordable housing with many of the amenities found in private condominiums. Furthermore, these properties can make great investments as their prices tend to be much lower than private condos due to government subsidies; however it should be remembered that ECs typically come with shorter lease agreements and restrictions regarding reselling or subletting rights.
However, the affordable nature of executive condominiums (ECs) makes them attractive options for Singaporeans in the “sandwich class”. A recent EC development called Hundred Palms Residences along Yio Chu Kang Road sold out within seven hours on its launch day back in July 2017.
Buyers must meet minimum income requirements of $16,000 and not have owned private property within three years in order to purchase an EC. In addition, CPF housing grants and mortgage financing may help bring down initial purchase prices.
2. Amenities
Though Executive Condos (ECs) don’t boast as luxurious amenities as private condos, they still boast many desirable features that busy professionals could benefit from. Amenities available often include concierge service, swimming pools and gym facilities as well as central locations which make ECs ideal choices.
ECs (Equitable Condominiums) are an alternative form of housing only available to Singapore citizens and permanent residents. Starting as HDB housing, their first 10 years are subject to stringent rules regarding resale or rental restrictions.
Due to government restrictions, ECs tend to be cheaper than private condominiums and can even qualify for CPF housing grants that reduce purchase prices further. Although these advantages make buying an EC appealing, there are some drawbacks as well; such as maintenance fees which can be costly; waiting five years before selling or renting the property out are both factors which must be considered as potential homeowners make this choice more complicated than other options.
3. Location
Executive condos (ECs), being government subsidized properties, can be an attractive choice for sandwich class citizens who earn above the income ceiling for HDB flats but cannot afford private condominiums. Unfortunately, as public property they come with certain restrictions when it comes to buying, selling or renting out their flats.
Homebuyers who purchase an EC must occupy it for five years prior to selling or renting it out, and contribute some of their income towards its maintenance.
ECs are an attractive option for first-time buyers looking for condo living without paying the high cost tag, particularly those meeting eligibility criteria such as salary ceilings and CPF housing grants. Unfortunately, however, they often lie within more ‘ulu’ estates which may be far away from city centres.
4. Appreciation
ECs offer an affordable option for first-time property buyers looking for their first property investment, particularly those on tight budgets. They’re usually cheaper than private condos and typically located near MRT stations – with a minimum occupancy period of 10 years making ECs ideal for growing one’s wealth.
ECs, created and sold by private developers, are hybrid forms of public and private housing built at subsidised prices to eligible applicants who meet government criteria. Resembling private condominiums, these units target Singaporeans who can afford more than an HDB flat but find private properties out of reach.
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However, to buy an EC, a mortgage loan may be used instead of bank financing. As with any property purchase decision, it is essential that you perform affordability checks prior to purchasing an EC as these properties come with restrictions when selling and renting them out.