Top 10 Reasons
Why Executive Condominium?
Have you thought of owning an Executive Condominium(EC)? Are you thinking of BTO or EC? Do you know most of the benefits of an EC?
Executive condominium (EC) is a hybrid residential property. It is basically a condominium, where buyers must adhere to certain regulations from the Housing & Development Board (HDB) before the EC is fully privatized 10 years after it is completed. EC is built and sold directly by private developers on land parcels sold by the government. Since 1997, the government sold land parcels for EC projects through competitive land tenders. Homebuyers who enjoy many benefits. Here are the top 10 reasons why you should consider Executive Condo.
1. Privilege of Singaporean
Executive condominium (EC) is a hybrid residential property. It is basically a condominium, where buyers must adhere to certain regulations from the Housing & Development Board (HDB) before the EC is fully privatized 10 years after it is completed. EC is built and sold directly by private developers on land parcels sold by the government. Since 1997, the government sold land parcels for EC projects through competitive land tenders. Homebuyers who enjoy many benefits. Here are the top 10 reasons why you should consider Executive Condo.
2. Pay subsidized rate to own a Condominium
EC is subsidized by the government and the sales price is cheaper by 20% to 30% as compared to private condos. After 5 year MOP (Minimum Occupation Period), EC will become semi-privatized which is eligible to sell to only Singaporean or Permanent Residence. Eventually, it will be fully privatized after 10 years which can be sold to foreigners too!
3. CPF Housing Grants and more chances for first timer applicant
If you have below $10K income level, you may receive $30K Family Grants! According to your income level, your Family Grant will vary! In addition, there is a up to 70% allocation quota adjusted to give first-timer families greater certainty in securing an EC! Wow!
4. Longer loan tenure compared to purchasing HDB flat
Do you know that maximum loan tenure for a HDB flat maximum is 25 years only? For EC, you can loan up to max. 30 years loan tenure same as private property. This means that you may be eligible to buy a larger size unit and have more unit choices!
5. No ABSD and no need to sell your current HDB
Many buyers need to sell off their current HDB flat in order to save ABSD (Additional Buyer Stamp Duties) for the next property. Fortunately, you don’t need to sell your current HDB flat or rent a house while waiting for your new EC to be completed. You are required to sell off the HDB flat within six months from the key collection date.
6. Flexible Payment Schemes including Deferred Payment
Only New Launches EC will allow you to have the option to choose Normal Progressive Payment Scheme or Deferred Payment Scheme. Normal Progressive Payment Scheme refers to paying mortgage as the development is being constructed while Deferred Payment Scheme refers to paying the mortgage loan payment only upon project TOP (Temporary Occupation Period – Usually 4-5 years after from the date that it is first launched). If you are owning a HDB flat, there is Deferred Payment with Bridging Loan option available. Contact us to learn more about financial planning for your new EC purchase.
7. Larger sizes unit at a lower price quantum
Have a dream of staying with your parents? Or do you wish all your kids have their own rooms? EC have up to 5 Bedroom layouts and are very popular choices among large families! Alternatively, you may rent out one of the rooms to help pay off your monthly repayment too!
8. Condominium lifestyle
Yes, EC also have facilities such as a playground, function room/club house, BBQ pit, aqua gym, swimming pool, basketball court, music room, piano room just like a private condo (or maybe even better than private condo)! With the advancement of the technologies nowadays, new ECs are equipped with smart home systems! More than often, the maintenance fee for a EC is cheaper than a private condo.
9. Home Equity Loan
After 5 years MOP, you can take out a home equity loan on your EC property with an existing mortgage, provided you do so with the same bank. This will benefit you in the event that you need an emergency fund for your family or for other purposes.
10. New home with move in condition
New ECs will be partially furnished, including flooring tiles, bedroom built-in wardrobes, quality bathroom with fittings, kitchen with fittings, countertop, storage cabinet with built-in oven, aircon, smart home systems, and etc. You may save on renovation cost too!
Want to explore what are the new ECs in the market?
With the rising land cost and construction cost, new EC price is always higher than the previous EC project. If you have the chance to get the unit you like, better grab it fast before it's gone!
New ECs in 2022/23
Contact us
Fill Up the Form to Enjoy Direct Developer Pricing & Exclusive Showflat Viewing! Find out your EC Eligibility and the payment schemes available!
