The government of Singapore introduced EC housing in 1999. It is a hybrid of both public and as well as private housing. With a vacancy rate of 14.3 percent, people of Singapore are now investing their money in buying executive condominiums. But there are still many factors that you need to know before buying an Executive Condo in Singapore.
Let’s take a look at what factors influences Singaporean for buying an executive condo
1. Value for money
Executive condominiums are perfect for those families who want all facilities near their residence, like Schools for their children, gym, Heath centers and more recreation facilities. For buying an executive condo, buyers can take the advantage of central provident fund grant. People can invest their money in the executive condo because some people buy EC houses and leave them vacant. It is indeed a practical option.
Buying an Executive Condo in Singapore is easy under HDB (Housing and Development Board). If your income is low enough still you can be able to afford the EC house with the help of CPF Housing Grants.
Are you a Singaporean couple as well as a first-time applicant? Then can easily get between $10,000 to $30,000 worth of CPF Housing Grants if your combined incomes are less than and $12,000. For new HDB flat income is $12,000, while the income ceiling for ECs is $14,000.
If you’re new to Singapore’s executive Condo, you’re in for a living. They provide private condominiums with security at an affordable price. There are some rules that come under security. Rules like dogs are not allowed in the garden area, wiping down gym equipment and not wash hands in the water cooler.
A security guard will review 100 hours of CCTV footage to find any activity that breaks the rule of Executive Condominiums.
4. Maintenance Fees
Maintenance fees depending on the facilities within the project and the total number of units per project. You should aware of units going for as low as $100+ a month for projects which do not come with the pool but only parking.
5. Selling your EC
For direct purchases from a developer, there is a minimum period of time and that is five years. Which means the unit cannot be sold or rented out entirely within this time frame. After five years you can sell it to any Singapore citizen. And in case of foreigners, you can sell it after ten years.
So before Buying an Executive Condo in Singapore, don’t forget to follow these valuable tips.