The Benefits of Executive Condos in Beach Road Singapore
An EC is a hybrid between public housing and private condominiums, constructed by developers and sold at subsidised prices to Singaporeans at subsidised prices by the HDB. All ECs must abide by certain rules imposed by HDB such as restrictions on renting or selling.
But what are the advantages of living in an EC in Beach Road Singapore? Here are a few, as outlined by an actual resident.
1. Convenience
Executive condominiums (EC) are increasingly popular among Singaporeans as they combine private property ownership and public housing into one convenient solution. Built and sold by private developers but subsidized by the government, these hybrid residential properties are located in prime areas offering residents access to an array of amenities.
ECs can be an ideal option for families, as they provide more space than HDB flats while being cheaper than private condos. But you should take into account your lifestyle needs and financial circumstances before making this decision.
Buyers looking to become buyers must fulfil certain eligibility conditions and criteria, such as income ceilings and house ownership criteria. Furthermore, EC buyers must complete a minimum occupancy period before paying a resale levy upon sale of their property.
2. Affordability
Executive Condominiums (ECs) are public-private hybrid housing units designed for young families and first-time homebuyers in Singapore. Offering an affordable middle ground between HDB flats and private condominiums, Executive Condos are built and sold by private developers, but come with specific restrictions such as an income ceiling and minimum occupancy period.
These restrictions help keep EC prices significantly lower than private condos. Furthermore, buyers may take advantage of various subsidies and grants such as CPF housing grants that further lower purchase prices.
ECs can also make an ideal investment, with prices usually appreciating in the long run. Homeowners should keep in mind that, due to being considered public housing for the first ten years of ownership, selling or renting their EC is restricted until that period has elapsed.
3. Security
ECs are designed with advanced security systems and provide housekeeping and concierge services for their residents, giving you peace of mind that your property will remain well protected if renting it out.
ECs offer another major benefit – appreciation in value – making them an attractive investment option for those wanting to break into property ownership without being required to meet HDB income ceiling or eligibility criteria. Homeowners must observe the Minimum Occupancy Period of five years before selling or renting out their EC, unlike private condominiums which are considered private from day one and can therefore rent or sell units out as soon as they become vacant or sell to foreigners during this period.
4. Privacy
Are You Searching for a Condo? Executive Condos Are Possible Solutions If so, an executive condo could be just the thing for you. These high-end properties combine the best aspects of public and private housing options while offering numerous amenities and services.
ECs are increasingly popular among young professionals, often located in prime areas with easy access to schools, shopping malls, and restaurants. Plus they provide additional benefits that make them an excellent investment.
Premises apartments are generally cheaper than private condos and can be rented out after 10 years, although to buy one you must satisfy certain eligibility criteria – including being an Singapore citizen or permanent resident with minimum occupation period requirements, paying a 5% downpayment, and moving in within a month after application process completion.
5. Amenities
ECs provide you with the best of both worlds: public housing at first purchase but becoming fully privatised after 10 years to give you condominium living for less!
Most ECs are located in prime districts, providing you with all the convenience of urban life. Furthermore, many offer amenities and services like swimming pools, gyms, tennis courts, and clubhouses – as well as convenience for their residents.
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Government benefits available to buyers of ECs include $30K family grants and deferred payment schemes, though you should make sure to first assess your eligibility and determine affordability using tools such as DBS MyHome Planner to do this!