How much is EC in Singapore?
Depending on the floor area, a typical 3-bedder EC can cost from $800,000+ to $1.2 million. For example, for a recent EC launch–Parc Central Residences at Tampines Avenue 10—the 3-bedroom units are priced at around $956,000 to $1,069,000.
How much money do I need to buy EC?
You Can Only Apply for a Bank Loan
This means you need to fork out at least 25% in downpayment from your own pocket. Out of this, 5% must be paid in cash, while the remaining 20% can be a combination of CPF and cash. So, if you’re buying an EC for $1 million, for example, you must fork out $50,000 in cash.
Is it worth buying EC in Singapore?
ECs can be a better investment choice compared to private condominiums, as they are usually sold for around the same price as private apartments in the resale market even though EC is purchase with grants (subsidized housing). EC is treated as HDB property for 10 years.
What is EC price?
At the time of writing, EC prices typically trend around the $1,100 psf plus level. In pricing ECs, developers are aware that buyers’ earnings must not cross the monthly household income ceiling of $14,000, and they are subject to a 30% Mortgage Servicing Ratio (MSR).
How much does an executive condo cost in Singapore?
The average price of an EC unit in Singapore is just over $1 million. While this may seem pricey to some people, ECs are more attractively priced compared to private condominiums and come with comparable facilities and design.
How much is the downpayment for resale EC?
For the Resale EC purchase, the 25% downpayment, the minimum cash outlay is 5%. The remaining 20% can be paid by cash or from EC buyers’ CPF Ordinary Account (OA).
How much CPF can I use for EC?
Whatever is in the Ordinary Account of their CPF, they can be taken out to use for the Exercise fee 15%, together with the $30,000 CPF grant. The rest of the Progressive Payment is via Bank Loan’s monthly installment which can be paid using CPF.
Can I buy EC as a single?
Unfortunately, a single citizen can’t buy a new EC unit alone. However, he or she can opt to purchase a resale EC or even a private condo if it’s within the budget. … As a single, you may purchase a resale EC or private condo.
How much cash do you need for resale HDB?
HDB resale flat: Deposit of up to $5,000 which must be paid in cash. Private resale property: Deposit of at least 5%, including an option fee of at least 1% which must be paid in cash.
Is it worth it to buy resale EC?
As mentioned above, a resale EC has many advantages over a new EC: It is closer to full privatisation, has less restrictive eligibility criteria, offers you the option to keep your old HDB flat, and is usually move-in ready. On the flip side, it can be more expensive as there are no CPF housing grants for resale ECs.
Is buying a resale EC a good investment?
However, resale EC is most enticing, especially when they complete their Minimum Occupation Period (MOP) of five years and when they hit their 10-year mark. Upon five and 10 years of their completion, most restrictions on ECs get lifted away and they become a bid for capital appreciation.
Is executive condominium worth buying?
Executive Condominiums are still the best value buys
The reason is simple: they’re a chance to buy private property, while still getting government subsidies. Also, ECs often feature the same range of a facilities offered by private condominiums, but at a fraction of the cost.