ECs are hybrids of private and public housing. They were first introduced in 1999 and since then their popularity has been rapidly increasing. They have some similarities with private condos because they are designed to have enclosed gated compounds. They also have a wide range of amenities such as playgrounds, swimming pools, guardhouse, etc. The latest project is Parc Canberra EC which is a new development by Hoi Hup Realty near to Canberra MRT Station. Parc Canberra will be for sale soon right at the heart of the city. Parc Canberra is one of the new ECs compared to the private new launches lately.
Under Singapore’s HDB Executive Condominium Scheme, there are over 70 condo projects which have been built and launched up to date. But what are some of the reasons why people are getting attracted to ECs? Well, the general factors include the condo lifestyle, modern facilities, as well as the beautiful design. Additionally, government subsidies seem attractive. At the moment, the popularity of ECs is significantly high. This means that more and more people are buying EC units. So, what are some of the benefits of buying an EC?
Benefits of Buying an EC Such as Parc Canberra
One of the benefits of buying an EC is that it comes with a purchase priority. Normally, 70 percent of the EC units which are on sale are usually reserved for new Singaporean families or first-time homebuyers. After the 70 percent target has been achieved, the rest of the units can, therefore, be sold to those people who are upgrading. Note that the purchase priority is not available when buying private properties. Everyone is rated equal. So, all interested home buyers compete equally.
Cost of Buying an EC
In case you are looking for grants to purchase an EC, you are eligible for up to $30,000 in HDB grants. This is a good amount for those who are seeking alternative financing sources. Note that ECs are considered to be partially private. So, you can finance them using a CPF and cash. Besides grants, the cost of ECs is usually much lower. Comparing them to private condos, there are around 20 percent cheaper. So, if you are on a tight budget, you can consider them.
Home Ownership Eligibility of Executive Condominium
Anyone who wants to purchase an EC must first be a citizen of Singapore. They should also be over 21 years. In case there is a co-applicant, they should be a citizen of Singapore or a permanent resident. Note that those who want to purchase an EC as Joint Singles Scheme should be above the age of 35 years. Additionally, they need to be Singapore Citizens.
On the other hand, the purchase of other HDB flats is quite different. For instance, you must not have previously disposed a private property locally or overseas within the last 30 months. In addition to that, you should not be owning a private property locally or overseas. It’s worth noting that potential buyers also need to have an average household income of $14,000.