Executive condos are popular as they can match the conveniences and high-ends of a personal property, without costing as high as them. If you want to own a cost-effective residential or commercial property in Singapore then play clever and buy EC's. Get qualified to own an EC and achieve your dream of owning a property in Singapore that too at rewarding prices! So, go get the deal today! Being know as the opportunity apartment suggests not everyone can buy an EC (Parc Greenwich Frasers Property).
It is usually priced 20 to 25 percent lower as compare to the personal condominium in it estate that made it extremely appealing to house purchasers (Parc Greenwich EC) - Parc Greenwich Frasers Property. However to target the ideal groups, the purchasers will require to meet a rigid eligibility conditions to qualify. Minimum requirements the purchasers will need to form a family nucleus with a minimum of one Singaporean and one Singapore Permanent Home with min 21 years of age. Our Federal government comprehended that the majority of middie earnings flat owners might still be financing their current flat, for that reason they opened up credit scheme (DPS) to EC purchasers instead of just the normal progressive payment plan (NPS) which just application to brand-new private condos sales. Hence minimize the concern of the EC buyers while the residential or commercial property is still under construction.
For that reason the Federal government are not stressed that by offering DPS to EC market will cause a property bubble with buyers hypothesizing residential or commercial properties. Still, lots of Singaporeans discover it tough to buy an EC ever considering that the government release a cooling procedure which enforced a loan kerb to the EC market on 9th December 2013.
MSR enables buyer to utilize maximum only 30% of their family earnings to spend for the installment while with theirs debts must not surpass 60% of their household income (Parc Greenwich EC). In other words means that for a $14k total family income you can lend as much as $1. 8 million when you are buying a Personal property while for EC you can lend only approximately $900k.
3m the buyers will need to cough out as much as $400k of cash and CPF monies. Not a really little sum to the majority of us. It can be a challenged to buy an EC when there is so many criteria to satisfied. Numerous are still going to go through the tiresome to send all the needed supporting documents understanding thexactly reality if they have the ability to get a system, it is nearly ensured that a person the EC have privatized, the can make a good-looking earnings if they sell.
So if you understand you can are money, will you go for It? Executive Condominiums are typically focused at establishing housing estate where the Government tried to draw in houses to stay. These location are Punggol, Sengkang, Hougang, yishun, Sembawang, Woodlands, Choa Chua Kang and in some cases Jurong. We are expecting lower launches from 2017 onwards as the Federal government has actually decreased the EC land for sale.