Queenstown and Bukit Merah will soon witness two Build-To-Order (BTO) projects under the Prime Location Public Housing model. Both estates are situated close to major schools like ACS and ACJC for added convenience.
But is purchasing an Executive Condominium (EC) worth it? With restrictions like Minimum Occupation Period and only being available to Singapore Citizens and PRs, purchasing an EC comes with restrictions; but is it really worth your while?
1. Lower Upfront Costs
Executive condominiums (ECs) provide an affordable middle ground between regular HDB flats and full private condos, making it the preferred option for Singaporeans whose income exceeds HDB flats’ ceiling cap but isn’t enough to afford full-fledged condos. But there are some key distinctions between them and full private condos which must be kept in mind.
One key advantage of buying an EC is eligibility for CPF housing grants; buyers can enjoy significantly reduced upfront costs when they opt for an EC compared to purchasing private condo.
Another advantage is that ECs typically are offered at discounted prices when privatized after 10 years, giving you time to make some substantial profits from your purchase and use that additional money toward increasing its resale value.
ECs provide amenities similar to full-fledged condos but at much more reasonable prices. Residents can take advantage of gyms and swimming pools as well as government subsidies with more flexible eligibility criteria than HDB flats but stricter than private properties.
Heritage View’s amenities include a barbecue area, covered parking, clubhouse, fitness stations, playgrounds, putting greens, saunas and tennis courts. Furthermore, its prime location allows easy access to Buona Vista’s shopping and entertainment hubs.
Residents looking for medical needs should visit Healthlink Family Clinic & Surgery and Northeast Medical Group (Buona Vista). For heavy shopping needs, Star Vista is just 10 minutes away by walk.
Not to be outdone, the project’s proximity to Jurong Innovation District adds yet another draw. Furthermore, MRT stations such as Buona Vista MRT and Buona Vista – By The Vista MRT stations can also be reached easily via walking.
3. Potential for Appreciation
Due to government subsidised pricing, executive condominiums (ECs) tend to offer much higher potential upside than BTO and private properties. R’ST Research analyst Kiwi Lim estimates that pent-up demand has driven launch prices up by around 30-35% since 2013.
This new EC development can be found near Ulu Pandan community club and the Rail Corridor, close to well-known schools such as Catholic High School, CHIJ Primary, Kheng Cheng School and Marymount Convent School. Braddel MRT station can also be reached within an 8-min walk.
One notable Ghim Moh EC development is Hundred Palms Residences. A highly acclaimed developer, its units sold out within one day upon its debut in 2017. With many amenities nearby such as FairPrice supermarket and Giant Express – Ghim Moh Link shopping mall as well as local hospitals such as A St*R Dental Surgery and SingPost Clinic serving its area, this is an excellent example of residential development in Ghim Moh.
One major benefit of buying an executive condo (EC) is that it can be paid for using both cash and CPF savings, making it an attractive option for newcomers who are just embarking on their homeownership journey. Furthermore, ECs tend to appreciate in value over time while remaining open and accessible to all Singapore citizens and permanent residents compared with private condominiums.
Ghim Moh Natura aims to improve residents’ physical and social well-being, offering recreational facilities such as precinct pavilions, playgrounds and fitness corners as well as roof gardens in two residential blocks – providing panoramic views of surrounding scenery.
Location is another draw, with Ulu Pandan Community Club and post office both being within walking distance. There are also multiple schools nearby including Little Skool-House, CHIJ Primary and Kheng Cheng Primary schools. Braddel MRT station can be reached within 10 minutes by taking an easy 10-minute train ride – perfect for commuters!