Quick Answer: Is Executive Condo A Good Investment?

Can PR buy resale executive condo?

Only Singaporean couples and Singaporean/permanent resident couples can buy an EC unit.

Also, buyers have to fulfil a mandatory five-year minimum occupation period (MOP) before they are can rent out or sell the EC unit.

Essentially, an EC is a subsidised private condominium..

Can I sell my EC after 5 years?

Sale of EC ECs can only be sold in the open market after the 5-year MOP (from TOP date) has been met.

Is it worth buying resale EC?

#1: Closer to full privatisation One advantage of buying a resale Executive Condominium, rather than a brand new one, is that an EC is fully privatised after 10 years. Crossing this milestone allows you to sell it to foreigners and entities in five years’ time or less, depending on when you buy the resale EC.

Is executive condo under HDB?

Executive Condominium, or EC, is a type of public housing in Singapore. As such, an EC is subject to certain regulations that apply to Housing and Development Board (HDB) flats. … Buyers’ monthly household income must not exceed $16,000, in order to qualify for an EC.

How much should I pay for an executive condo?

For BTO, the buyer stamp duty is $3,680, and the buyer stamp duty for the Executive Condo is $18,252. The legal fee for BTO if handled by HDB legal office is $177 to $322 while the legal fee for Executive Condo is approximate $2,500.

How much cash do I need to buy a condo?

The downpayment for a condo is: New condo launch: 20% of the purchase price, of which at least 5% must be paid in cash (i.e. 15% with CPF) Resale condo: At least 5%, including an option fee of at least 1% which must be paid in cash (i.e. 4% with CPF)

How do you qualify for an executive condo?

(A) Basic Requirements:You must be a Singaporean.You must form a proper family nucleus. … You must be at least 21 years old at the time of application.Your average gross monthly household income must not exceed $16,000. … You must not own or dispose of any private property within 30 months.More items…

Can I buy private property if I own EC?

Yes, you will be eligible to purchase a private property once you met your Minimum Occupation Period (MOP) of 5 years. For your next property, the loan quantum will be dependent on whether you still have an outstanding housing loan. If you are still servicing the EC, the max loan amount is 50%.

What is the difference between executive condo and condo?

The main difference of private condominium vs executive condo are : Private property purchase do not enjoy any form of housing grants. Private property is usually more expensive than EC or HDB. … Private property has no restrictions on foreign ownership, all can buy private property.

Is it better to buy HDB or condo?

And when it comes down to it, HDBs can have far better rental yield compared to their condo counterparts, simply by virtue of how affordable they are. (Note: This depends on the rental income generated as well. Condos do tend to generate higher rental income than flats, which can sometimes offset their higher costs.)

Can I buy EC if I own HDB?

Can I get a new EC if I used to/ still own an HDB flat, DBSS flat, or EC? Yes, provided that you only own/ owned 1 of the following units prior to your application: Flat bought from HDB.

How much do you have to earn to afford EC?

Income eligibility Most first-time EC buyers have a combined income of around S$10,000 and are looking to maximize the CPF grant amount. In order to qualify for an EC, household income cannot exceed the $14,000 limit.