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Executive Condominiums What Are The Issues In Buying One
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Executive Condominiums: What Are The
Issues In Buying One?
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Executive Condominiums (ECs) are a class of housing introduced
by the Government in 1994.
ECs are equipped with most of the amenities of their private
counterparts - from swimming pools to security guards –
but are relatively more affordable.
What Are ECs?
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So when private housing prices dropped significantly in the first
half of the 2000s, the Government stopped churning ECs out.
Only in the fourth quarter of 2010 were they built once again.
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What are the attractions and drawbacks
of buying an EC?Financing
Commonly regarded as a hybrid type of housing as it is
bound by certain ownership rules governing HDB flats
in its first 10 years.
But buyers purchasing ECs from the developer are
eligible for a type of CPF housing grant.
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What are the attractions and drawbacks
of buying an EC?Rules
All ECs are on 99-year lease, differing from private
condominiums which come in lease ranging from 99-
year to freehold.
And only Singapore citizens are eligible to buy new ECs.
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Like HDB, ECs have a Minimum Occupation Period of 5
years, during which there is to be no sale of the house,
no subletting of the entire house, and no purchase of a
private house.
Once the 5-year period has lapsed, a remaining rule
dictates that ECs can only be sold to Singapore citizens
and Permanent Residents.
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ECs that have crossed the 10-year mark are elevated to
full-fledged private housing status and can then be sold
to foreigners.
These ECs show a smaller price differential with private
housing.
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Therefore, after factoring in the CPF housing grants and
relatively lower price tag, the capital gains to be made
from ECs can be substantial if you can hold on past the
10-year period.
By choosing a suitable Singapore home loan to finance
your ECs that will help maximize your returns too.
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Turn to the professional mortgage consultants at
http://www.propertybuyer.com.sg/contact_us.htm
to help you in your loan hunt!
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About Property Buyer Mortgage Consultants
Property Buyer Mortgage Consultants is a research focused independent mortgage broker. We
emphasize a consultative approach where we match our client’s financial situation with the best
fit mortgage loan, not simply a cheap loan.
We also help property buyers in their buying process helping them avoid pitfalls from
unscrupulous property agents. (We are not property agents, therefore there is no conflict of
interests.)
We also developed our proprietary home loan reporting tool which provides amongst other
things, 23 years Sibor history as well as 6 years worth of SOR.
Our service is free to you as banks pay us a commission on loan deals completed. Banks in turn
save on staffing cost as we are not on their payroll.
www.PropertyBuyer.com.sg/mortgage
www.SingaporeHomeLoan.net
www.iCompareLoan.com/consultant/