Executive condos are incredibly popular as they can match the comforts and high-ends of a personal property, without costing as high as them. If you wish to own an affordable home in Singapore then play wise and buy EC's. Get eligible to own an EC and achieve your dream of owning a residential or commercial property in Singapore that too at profitable prices! So, go grab the offer today! Being understand as the opportunity apartment suggests not everybody can buy an EC (Fernvale Lane EC).
It is usually priced 20 to 25 percent lower as compare to the personal condo in it estate that made it really attractive to home purchasers (Parc Greenwich) - Fernvale Lane Frasers Property. However to target the right groups, the buyers will require to meet a strict eligibility conditions to certify. Minimum requirements the buyers will require to form a family nucleus with a minimum of one Singaporean and one Singapore Permanent Residence with minutes 21 years of age. Our Government understood that a lot of middie income flat owners may still be funding their current flat, therefore they opened up deferred payment scheme (DPS) to EC buyers instead of just the normal progressive payment plan (NPS) which just application to new private condos sales. Hence lessen the burden of the EC purchasers while the property is still under building and construction.
For that reason the Government are not worried that by providing DPS to EC market will cause a property bubble with buyers speculating residential or commercial properties. Still, many Singaporeans discover it hard to acquire an EC ever since the government release a cooling measure which enforced a loan kerb to the EC market on 9th December 2013.
MSR allows purchaser to utilize maximum just 30% of their family income to spend for the installment while with theirs debts need to not exceed 60% of their home earnings (Parc Greenwich Frasers Property). Simply put methods that for a $14k total household income you can loan as much as $1. 8 million when you are buying a Personal property while for EC you can lend just approximately $900k.
3m the purchasers will require to cough out approximately $400k of money and CPF cash. Not an extremely small amount to the majority of us. It can be a challenged to purchase an EC when there is numerous requirements to satisfied. Numerous are still willing to go through the tedious to send all the required supporting documents knowing thexactly reality if they are able to get an unit, it is practically ensured that a person the EC have privatized, the can make a good-looking revenue if they offer.
So if you know you can are money, will you go for It? Executive Condos are usually focused at establishing housing estate where the Federal government attempted to bring in houses to remain. These area are Punggol, Sengkang, Hougang, yishun, Sembawang, Woodlands, Choa Chua Kang and sometimes Jurong. We are anticipating lesser launches from 2017 onwards as the Government has actually reduced the EC land for sale.