NEW LAUNCH EXECUTIVE CONDOMINIUM

NEWS UPDATES – EC @ SUMANG WALK AWARDED.

Check it out !!

  • Confirmed list – Sumang Walk & Canberra Link
  • Reserved list in Tampines Avenue 10 & Anchorvale Crescent

https://www.theedgesingapore.com/exec-condos-limelight-citydev-jv-outguns-rivals-509-mil-bid-punggol-ec-site?

More updates info @ 96462822


Launch of Tender for Reserve List Site at Anchorvale Crescent for Executive Condominium Housing Development

Published Date: 10 Aug 2018

The Housing & Development Board (HDB) has launched the Reserve List site at Anchorvale Crescent for sale by public tender today.

This Land Parcel was made available for sale through the Reserve List on 28 June 2018. HDB announced on 25 July 2018 that it had received an application from a developer for the site to be put up for public tender. The developer committed to a bid price of not less than S$255,000,000 in the tender for the site.

The tender for the land parcel will close at 12 noon on 14 September 2018 (Friday). Any tender below the minimum price of S$255,000,000 will not be accepted.

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ABOUT EXECUTIVE CONDOMINIUM IN SINGAPORE – Existing & New launches

EXECUTIVE CONDOMINIUM (EC) were introduced in 1996 catering buyers who found private homes too expensive. While they were priced affordably compared to private condominium, the units came with limitations.

For instance, Executive Condominium in Singapore (EC) came with Minimum Occupation Period (MOP) of five years before they can be sold on the open market. Between the 6th & 10th year, only Singaporeans (SC) and Singapore Permanent Residents (SPR) can purchase them, while Foreigners can only do so after the 11th year. Findings show that EC is a practical alternative to private condominium. They also augur well for the EC market and buyers will feel even more confident that EC are reasonable investments to commit to.  Upon after 5 years of MOP, prices of EC rose in tandem with private Condominium and even surpassed new EC.

Executive Condominium launched for sale are mostly in North-East, North & Western part of Singapore. Followings are some related articles on EC launches. Hope that these can help you on your decision to select your dream home. Listed here are just some recommendations. You may like to know more of other projects that are not featured here. Just drop in a message or call 96462822.  Shall be glad to share with you on your preferred property requested.

Thank you & enjoy browsing!

Q :
Why has a resale levy been imposed on second-timers purchasing an Executive Condominium (EC) unit from property developers?
A :
ECs are subject to similar initial eligibility and ownership restrictions as BTO flats. As a result, land earmarked for ECs is priced differently from land set aside for private housing developments, and EC buyers stand to benefit from new EC units being priced lower than comparable private hosing developments. In view of this and to ensure greater parity, second-timers buying EC units are now required to pay a resale levy, similar to second-timers purchasing BTO flats.

The resale levy amount depends on the flat type of the buyers’ first subsidised flat, and the prevailing resale levy policy when the first subsidized flat was sold. This requirement applies to ECs from sites launched for sale to property developers on or after 9 Dec 2013 (including projects whose tenders have not closed).

With the new restrictions set, EC developers can only launch their new EC after 15 months from land award or the completion of foundation works.

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WHY ARE EXECUTIVE CONDOMINIUM POPULAR?

A more in-depth analysis –

🔷Additional Buyer’s Stamp Duty (ABSD) is NOT applicable.
🔷Seller’s Stamp Duty (SSD) is NOT applicable for EC as owners have to fulfill 5 years minimum occupation period (MOP).
🔷Deferred payment is available. 20% down payment, 65% upon TOP and final 15% upon legal completion.
🔷There is no restriction to invest in commercial/industrial property as long as there is no residential accommodation component in the commercial unit.
🔷Improved design and features. EC developers are now offering more to attract buyers wishing to upgrade to a ‘subsidized’ private residential lifestyle living.
🔷Great lifestyle (Enjoy the same lifestyle and facilities as other condominiums).
Possible CPF Housing Grant $10,000/$20,000/$30,000 for 1st Timers.
🔷Budget-friendly entry price (Lower quantum compared to mass market condominiums.
🔷Comparable, or better potential future capital appreciation to condominiums (more likely to be sold at a good profit after MOP).
🔷Can be sold under private property status after MOP of 5 years to Singapore Citizens and PRs, and to foreigners after 10 years – hence a larger pool of potential buyers.
🔷Good potential rental yield as design and facilities are similar to any private condominiums.

Comparison:-

Executive Condominium vs Private Condominium