Discover the truth about ECs in Singapore ! ECs or Executive Condos are a special class of public housing in Singapore. For the first ten years, they are considered public housing but after 10 years, they are considered private !
Are you considering your options for homeownership in Singapore? In the world of real estate, Executive Condominiums (ECs) have been a topic of discussion and debate.
We shed light on the truths and misconceptions surrounding these unique properties.
In this blog post, we’ll dive deep into the insights and explore the world of ECs, addressing common assumptions and offering valuable advice for aspiring homeowners.
Understanding Executive Condominiums (ECs)
Before we dive into the myths and realities, let’s get a clear picture of what ECs are.
Executive Condominiums are a special class of housing in Singapore, designed to cater to the needs of Singaporean citizens. These properties combine elements of public and private housing, offering the perks of private condominium living while being governed by HDB regulations. Read about the ten common questions on ECs in Singapore.
This means that EC owners can enjoy benefits and subsidies similar to those of HDB flat owners.
Myth 1: ECs are Just HDB Flats in Disguise
One common misconception about ECs is that they are no different from regular HDB flats. However, this assumption is incorrect.
While ECs share some similarities with HDB flats, such as income eligibility criteria, they offer a different living experience.
ECs come with private condo facilities like swimming pools and gyms, providing a more upscale lifestyle.
So, if you’re worried about missing out on the perks of private condos, rest assured that ECs have you covered.
Myth 2: EC Prices Are Exorbitant
Another misconception revolves around EC prices. Some believe that ECs are too expensive to consider when compared to private condos.
But in reality, it is a different perspective. If you can secure an EC unit at around 1,500 SGD per square foot (psf), you’re entering the market at a significant advantage compared to private condo buyers who pay over 2,000 SGD psf.
Altura EC is a good example of a very good priced EC in Singapore.
Even resale ECs bought several years ago offer substantial savings. So, if you’re looking for an affordable way to own a piece of the property market, ECs might be the way to go.
Myth 3: Location Matters Too Much
Is proximity to an MRT station the only thing that matters when buying property? According to the EC owners we spoke to, not necessarily. They provide examples of ECs in areas further from MRT stations that transact at similar psf rates to those near stations.
This challenges the assumption that distance significantly impacts EC value. So, don’t dismiss an EC based solely on its location; it might still be a wise investment.
Myth 4: Transitioning from HDB to EC is a Hassle
Worried about the transition process from an HDB flat to an EC? There is a defer payment scheme, which allows purchasers to make a 20% cash down payment and pay the balance upon obtaining the EC keys. This means you can continue to stay in your HDB flat during the construction phase, making the transition seamless.
You won’t have to move twice, as you can sell your HDB flat within six months of receiving your EC keys. So, the process isn’t as troublesome as you might think.
And do you know EC buyers do not pay ABSD.
Myth 5: No Grants and Subsidies for EC Buyers
While it’s true that EC buyers with higher incomes may not qualify for certain grants, ECs still offer valuable subsidies to Singaporean citizens. These subsidies can significantly reduce the overall cost of owning an EC, making it an attractive option for many.
It must be emphasized that these regulations are designed to help Singaporeans upgrade to property through ECs, ensuring that they remain an accessible choice for Singaporeans. Permanent Residents and Foreigners are not allowed to buy ECs.
Conclusion on Discover the truth about ECs in Singapore
In conclusion, Executive Condominiums offer a unique and affordable path to homeownership in Singapore. By debunking common myths and sharing their experiences, we hope we have shed light on the advantages of EC living.
So, if you’re in the market for a new home, don’t discount the potential benefits of an EC.
Check out the next EC launch soon !
