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Singapore
Executive Condominium of Welfare Housing
Oct 15, 2022
Singapore
By   Internet
  • Guide
  • Welfare Housing
  • Executive Condominium
  • Singapore
Abstract: As we all know, the Singapore government provides welfare housing to Singaporeans, which includes EC in addition to HDB flats.

The Singapore government has suddenly announced a new policy to cool down the property market.

 

Anyone who wants to buy or sell Singapore properties will be more or less affected by the new policy and reconsider their decision.

 

Of course, it was stated at the time that the last announced measures were only temporary. In the near future, the government is likely to announce new cooling measures again!

 

Recently, this statement was confirmed.

 

The government has realized that the long waiting time for new condominiums and the rising prices of resale homes are the main concerns of many young Singaporeans.

 

To some extent, it has affected the desire of these young people to have children. Therefore, the government is stepping up its efforts to look into the issue of housing in Singapore.

 

On one hand, with the gradual improvement of the anti-epidemic situation in Singapore, projects that have been halted for the last two years due to the epidemic will be reopened and the waiting time for housing delivery will be significantly reduced.

 

More importantly, to make housing affordable, the government will also review and study Singapore's housing policy to see how it can help home buyers get a house quickly and affordably.

 

As we all know, the Singapore government provides welfare housing to Singaporeans, which includes EC in addition to neighborhood housing.

 

Recently, in the past two years, two new EC projects have been launched consecutively.

 

One of them, Copen Grand is the new development that many people are interested in.

 

EC is the Executive Condominium, which for the sake of understanding can be called a government subsidized condominium.

 

Every citizen has two chances to enjoy a government subsidized house, which is a combination of HDB and condominiums.

 

The government wants to take care of this group of people whose income can and feel that private condominiums are expensive and want to enjoy the same condominium facilities as private condominiums. This is why many Singaporeans who are in a position to do so prefer to buy a new EC.

 

EC has both owner-occupied and investment value, EC is a condominium with restrictions to meet the needs of Singaporeans to live in condominiums and improve their quality of life at a lower price.

 

At the same time, EC also provides an investment opportunity for buyers.

 

After five years of owner-occupation, EC can be traded in the market like any other condominium. The appreciation in value is high and the price difference from a regular condominium is minimal.

 

It is about 30% cheaper than buying a new private condominium, so buying is like making a profit.

 

It is certain that if you buy EC now, you have a chance to earn $250,000 in 5-10 years.

 

So what are the purchase conditions for EC?

 

1. At least one of them is a citizen, it can be both are citizens, citizen and PR, citizen and husband or wife are foreigners and citizen or children are PR.

 

2. Total household income is less than $16,000.

 

3. If the buyer owns or has owned a private apartment, he can apply for a new EC 30 months after the sale.

 

4. If the buyer is currently living in a HDB flat, he must meet the minimum period of 5 years.


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