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Published Nov 10, 21
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Bigger families may find a suitably sized EC or condominium out of reach as a 2nd step. For these purchasers, do keep in mind that alternatives such as EAs are worth thinking about. For more on property progression, or if you're still set on an EC/ apartment as your next stop, do follow us on Stacked.

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What is an Executive Condo (EC)? Executive Apartment is a hybrid of a public and private apartment or condo. It has both the appealing price of public real estate and the superior comfort of private condos integrated together. EC are physically extremely similar to condominiums, it has all the facilities comparable to a mass-market condominium.

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This group whose household earnings have exceeded the ceiling for public real estate ($14,000), however are not yet able to stretch to afford a private condo, are being served by this new EC segment. The EC has actually ended up being an increasing option for lots of Singaporeans of this sandwich class. But for some individuals whose finances can enable an option in between an executive condominium and a private one, then the choice decision is much harder.

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EC buyers are likewise based on the Home mortgage Servicing Ratio (MSR). MSR is implemented to prevent EC purchasers from taking on loans that might put them in dangerous financial circumstances. The MSR cap for purchase of EC is set at 30 percent of a debtor's gross month-to-month income. An executive condo is a hybrid that has the same physical characteristics of a private condo, there will be a pool, fitness center, outdoor location, tennis courts and security and other facilities.

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The buyer should remain in the system for at least five years prior to it can be offered to Singaporeans or PR just (North Gaia EC). And after 10 years, the system can be sold to anyone, just like any other personal condo - North Gaia showflat. This minimum profession period is implemented to avoid any property speculation or selling quickly to reap earnings.

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Is it better to purchase an EC than a condominium Executive Apartment system can be resold as a private apartment, after 5 years MOP, to Singaporean and PR and after ten years it can be offered to anyone. EC will normally get a greater capital gratitude in future due to the fact that they are offered like personal residential or commercial properties although they are purchased as subsidized systems with grants.

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As the cash element is quite high, only those who are economically steady will consider personal property purchase. Others who are tight cashflow may think about EC rather. One significant aspect bring in numerous purchasers to EC is the cost. EC is cost relatively less expensive than private condominium because of the many requirements enforced by HDB on EC purchases.

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And to contribute to this, EC Purchasers can get a grant from HDB, if they are first time applicants to EC, this makes buying EC more budget friendly. ECs can be a better investment option compared to personal condominiums, as they are generally offered for around the same cost as personal apartments in the resale market although EC is purchase with grants (subsidized real estate).

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Throughout this period, it is subjected to the same constraints eg. North Gaia EC. Minimum tenancy period of 5 years, and constraints on who can purchase EC. Due to the fact that of cheaper land cost and construction cost, Executive Condominium or EC have actually been priced lower than private properties. However recently, the narrowing gap between the rates of the brand-new ECs and OCR mass-market condominiums is making this price difference less attractive.

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