PUBLISHED 30th March 2017
A mixture amongst open and private lodging, ECs were very strong in demand among purchasers from 2012 to 2013. Like private condominium, ECs are constructed and planned by private developers with condominium facilities, for example, club house, swimming pools and BBQ pits. First-time EC buyers can also enjoy government grants of up to S$30,000.
Be that as it may, purchasing another EC unit accompanies limitations. You will need to check on your eligibility before committing to an EC. There is a recommended monthly household income ceiling of S$14,000 and buyers of new ECs have to form a family nucleus, which must comprise two Singapore citizens, or a Singapore citizen and a Singapore permanent resident (PR). New EC purchasers likewise need to cling to a minimum occupation period (MOP) of five years before they can offer in the open market to Singapore citizen or PRs. Only after 10 years will the EC be considered fully privatised and can be sold to foreigners. New EC units are sold at a discount to comparable new private condos. Currently, the discounts can range from 20 per cent to 25 per cent. likewise, when the restrictions on ECs are lifted after the five-year MOP and at privatisation, the price gap of resale ECs and resale condos narrows to around 9 per cent and 5 per cent respectively.
Current selling EC launches include Sol Acres by MCL and iNz Residences by Qing Jian Realty Ltd at Choa Chu Kang.
Upcoming new EC launch include Hundred Palms Residences at Yio Chu Kang, Sumang Walk EC at Punggol and Anchorvale lane EC.
Source: http://www.businesstimes.com.sg/hub/property-2017/ecs-still-a-value-buy-in-current-market
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