An executive condominium (EC) offers many advantages to buyers who decide to make it their new home. These hybrid structures, constructed by private developers on land parcels purchased from government, come equipped with all kinds of benefits that buyers are sure to appreciate.
They come with government subsidies and boast amenities such as swimming pools, gyms, and BBQ pits – but how much salary do you need to earn to buy one?
1. Lower purchase price
ECs in Commonwealth Singapore are cheaper than private condos while still providing luxurious features and amenities, making them popular with middle-income families and first-time homebuyers in Singapore. Furthermore, their prime locations near schools and MRT stations make ECs attractive investment prospects.
However, before purchasing an Executive Condo (EC) in Singapore, make sure that your affordability has been assessed first. Property markets can be unpredictable; you don’t want to get stuck with an unmanageable mortgage payment later.
Keep in mind that ECs are subject to stringent HDB rules for the first ten years of ownership. This requires adhering to both Minimum Occupancy Period and Eligibility Conditions – more liberal than BTO flats but more stringent than private condos.
2. Convenience
If you’re searching for the ideal home for your family, an EC may be just what’s needed. These homes can be bought at subsidized prices and offer strong potential for appreciation when they are privatised after 11 years – giving your family an additional stream of income!
However, it’s essential to bear in mind that ECs come with a minimum occupation period (MOP) and restrictions on who can purchase them; these criteria tend to be more liberal than HDB flats but stricter than private properties.
If you wish to reside in Singapore as either a citizen or permanent resident, as well as meeting income and property ownership criteria, qualifying as an owner will make purchasing a condo much simpler.
3. Accessibility
Are You Seeking An Affordable Yet Luxurious Housing Option in Singapore? An Executive Condo (EC) may be just what you’re searching for! As this hybrid form of public and private housing offers lower prices, superior facilities, and convenient locations – plus eligibility requirements such as minimum household income and residency periods can make ECs the ideal solution.
ECs are known for offering exceptional value and appreciation potential in the long term, making them more accessible than private condominiums due to being located near MRT stations. They’re especially appealing to families and young professionals looking for comfortable and safe environments – read up on upcoming EC projects here, buying one here or learning about CPF housing grants available exclusively for ECs! To gain more knowledge on ECs check out these articles about them such as future projects being developed or grants available specifically for EC purchases here.
4. Concierge service
Property investors and buyers should carefully consider their decisions when making such an important financial commitment, seeking professional advice before purchasing a condo or any property in general.
ECs (Extended Condominiums) are hybrid public-private housing schemes designed to serve middle-income Singaporeans who do not qualify for HDB flats but find private condominiums too costly. Constructed and sold by private developers, ECs feature similar designs and amenities found in private condos but at reduced costs thanks to government subsidies.
As part of their search for an EC to purchase either new or resale, prospective buyers should carefully consider factors like location, amenities, pricing and eligibility criteria before making their choice. To gain further understanding about ECs check out other articles written here such as 2023 launches expected, differences between resale and new units and MOP thresholds.
5. Amenities
ECs offer homebuyers a luxurious lifestyle at an attractively lower cost, typically being located close to schools, shops and restaurants for added convenience.
In order to purchase an EC, certain eligibility requirements must be fulfilled. You must be a Singapore citizen with no combined income exceeding the income ceiling; additionally, CPF housing grants criteria must also be fulfilled.
Executive condos (ECs) are increasingly popular among HDB upgraders looking to relocate into larger properties with amenities such as swimming pools and gyms. When making this important decision, it’s essential to carefully consider all aspects of each property – our executive condo guide contains all the information you’ll need for making an informed decision.