Executive condominiums are the type of apartments, which are unique in Singapore. EC’s were introduced in 1995 to cater for the growing number of people mainly for young professionals.
Some Singaporeans can’t really afford a private condo because of low income or weren’t able to stretch to a private property. For them, an Executive condominium is a good option. ECs are attractive for people who wish to have a condo lifestyle (swimming pool, private gym, function room etc). Enjoying the same full fledge facilities offer by your Executive condominium at a discounted price.
Executive Condominium is a good investment for Singaporean who wishes to enjoy condominium lifestyle with a cheap entry price. As compared to the neighboring private condo ECs are usually sold at 20-30% discount pricing. People can invest their money in Executive Condominium. Executive Condominiums are balanced under HDB pivotal and thus it can only be sold in the open market like private property in the 6th years onward. There is the only restriction in selling to the foreigner, which restriction will be the boost from the 11th years onward.
Invest in the executive condo and leaving it empty or renting out for the first 5 years seems an investment compared to buying a private condo.
Experts have found that the price gap between new condos and ECs starts at around 20 percent, due to the sales restrictions that apply to ECs, as well as their lower land and construction costs. There is also a housing grant of up to $30,000 from the government to help first time owner to lower the purchasing cost.
Payment scheme is also available for purchasing of an Executive Condominium unit, something you will not see in the private condominium market, making this a unique and attractive option for HDBs up-grader.
People can invest their money in purchasing executive condo it can be beneficial them in future.