Esparina Residences will be fully privatised this year 2023 is the only resale EC in Singapore to enjoy the ultimate convenience of being located across an MRT Station, a recently completed shopping mall and bus interchange
More and more HDB upgraders who are looking to upgrade to a condo lifestyle are looking towards buying resale executive condominium (EC) in the market. Resale executive condominium (EC) is a type of housing in Singapore that is sold by owners who have fulfilled the minimum occupancy period of 5 years. Executive condos (EC) are a public-private hybrid housing scheme that is built by private developers, but subject to certain eligibility criteria and resale restrictions set by the government. The quality and range of facilities of executive condos (EC) are also similar to private residential condominiums by private developers in the real estate market in Singapore.
After the 5 year MOP period, resale executive condos (EC) are sold in the open market and are typically cheaper than private residential condominiums, making them more and more of an attractive option for buyers when compared directly to private residential condos.
After the 5 year MOP period, resale executive condos (EC) are sold in the open market and are typically cheaper than private residential condominiums, making them more and more of an attractive option for buyers when compared directly to private residential condos.
Resale EC: Semi Privatised EC Versus Fully Privatised EC
After the 5-year Minimum Occupation Period (MOP), executive condos (ECs) in Singapore are subjected to a 5-year Privatisation Period, during which the units are still considered as Semi Privatised and subject to resale restrictions set by the government, e.g. no foreigners are allowed to buy and own an EC unit during this period. Buyers of the EC will no longer be eligible for government subsidies or schemes such as the CPF Housing Grant or the HDB Loan. However, buyers can still obtain financing from banks or other financial institutions to purchase the EC.
However, after the 10-year mark from the date of issuance of the Temporary Occupation Permit (TOP), the EC will become Fully Privatised. This means that the EC will no longer be subject to any resale restrictions or eligibility criteria, and can be sold to anyone without any restrictions on buyer nationality or household income which means the EC will also be treated as a private residential condo property.
After the 5-year Minimum Occupation Period (MOP), executive condos (ECs) in Singapore are subjected to a 5-year Privatisation Period, during which the units are still considered as Semi Privatised and subject to resale restrictions set by the government, e.g. no foreigners are allowed to buy and own an EC unit during this period. Buyers of the EC will no longer be eligible for government subsidies or schemes such as the CPF Housing Grant or the HDB Loan. However, buyers can still obtain financing from banks or other financial institutions to purchase the EC.
However, after the 10-year mark from the date of issuance of the Temporary Occupation Permit (TOP), the EC will become Fully Privatised. This means that the EC will no longer be subject to any resale restrictions or eligibility criteria, and can be sold to anyone without any restrictions on buyer nationality or household income which means the EC will also be treated as a private residential condo property.
Resale EC projects
As private residential property prices and rental rates increase in Singapore, families looking to upgrade to a private condo may find themselves slowly being priced out of the market especially if they are motivated by a desire to buy a larger condo unit to allow their families to enjoy more space.
Private resale condos within 10 years of TOP that offers comprehensive condo facilities in a matured estate surrounded by amenities in a convenient location may see prices exceeding $1,800 psf. This is where buyers start noticing resale executive condos (EC). Resale executive condos can offer larger and more spacious living areas which is particularly attractive to growing families with full condo facilities at a more attractive per square foot price.
You may click the picture below to find out which executive condo projects (EC) in Singapore have reached semi-privatised or fully-privatised status for your consideration.
As private residential property prices and rental rates increase in Singapore, families looking to upgrade to a private condo may find themselves slowly being priced out of the market especially if they are motivated by a desire to buy a larger condo unit to allow their families to enjoy more space.
Private resale condos within 10 years of TOP that offers comprehensive condo facilities in a matured estate surrounded by amenities in a convenient location may see prices exceeding $1,800 psf. This is where buyers start noticing resale executive condos (EC). Resale executive condos can offer larger and more spacious living areas which is particularly attractive to growing families with full condo facilities at a more attractive per square foot price.
You may click the picture below to find out which executive condo projects (EC) in Singapore have reached semi-privatised or fully-privatised status for your consideration.
Click to know the various EC TOP dates in Singapore to calculate their semi-privatised and fully-privatised dates
By next month, Sengkang Grand Shopping Mall with its community club, childcare centre and bus interchange is expected to bring excitement to Buangkok estate and added value to nearby properties, e.g. Esparina Residences
Some of the hot resale EC projects that are seeing high demand in the market are:
Esparina Residences - touted as the most convenient resale EC, its located right across the road from a brand new shopping mall, hawker centre, community club and bus interchange, Buangkok MRT station, 24 hours Kopitiam foodcourt, 24 hours NTUC supermarket in the matured estate of Buangkok in the northeast region. It will be eligible to sell to foreigners soon as it reaches its 10th year from TOP date in September this year.
Bellewaters is about five minutes’ walk from Farmway LRT station, which is just two stops from Sengkang MRT station. Those who live in the area enjoy other nearby amenities and developments such as Seletar Aerospace Park, Sengkang General and Community Hospitals, as well as the picturesque Sengkang Riverside Park.
The Vales is just two minutes’ walk from Cheng Lim LRT station on the Sengkang LRT line West Loop. Schools in the area include Nan Chiau Primary/High School, and Compassvale Primary School.
The Terrace overlooks the serene Punggol Waterway surrounded by schools, e.g. Horizon Primary School, Waterway Primary School, Greendale Primary School and Greendale Secondary School. Residents enjoy having Kadaloor LRT station at their doorstep with nearby amenities like Waterway Point Mall, Coney Island and Sengkang Riverside Park.
Sol Acres is expected to achieve MOP status in April with a whopping 1,327 units split over three towers and has a unique rollerblading trail. Only a three-minute walk from Teck Whye LRT station (three stops away from Choa Chu Kang MRT station / Bukit Panjang MRT station). Nearby schools are Delta Senior School, ITE College West, CGM Kindergarten, Ichiban Nurtureland Kindergarten (Choa Chu Kang), South View Primary School and Teck Whye Primary School.
Esparina Residences - touted as the most convenient resale EC, its located right across the road from a brand new shopping mall, hawker centre, community club and bus interchange, Buangkok MRT station, 24 hours Kopitiam foodcourt, 24 hours NTUC supermarket in the matured estate of Buangkok in the northeast region. It will be eligible to sell to foreigners soon as it reaches its 10th year from TOP date in September this year.
Bellewaters is about five minutes’ walk from Farmway LRT station, which is just two stops from Sengkang MRT station. Those who live in the area enjoy other nearby amenities and developments such as Seletar Aerospace Park, Sengkang General and Community Hospitals, as well as the picturesque Sengkang Riverside Park.
The Vales is just two minutes’ walk from Cheng Lim LRT station on the Sengkang LRT line West Loop. Schools in the area include Nan Chiau Primary/High School, and Compassvale Primary School.
The Terrace overlooks the serene Punggol Waterway surrounded by schools, e.g. Horizon Primary School, Waterway Primary School, Greendale Primary School and Greendale Secondary School. Residents enjoy having Kadaloor LRT station at their doorstep with nearby amenities like Waterway Point Mall, Coney Island and Sengkang Riverside Park.
Sol Acres is expected to achieve MOP status in April with a whopping 1,327 units split over three towers and has a unique rollerblading trail. Only a three-minute walk from Teck Whye LRT station (three stops away from Choa Chu Kang MRT station / Bukit Panjang MRT station). Nearby schools are Delta Senior School, ITE College West, CGM Kindergarten, Ichiban Nurtureland Kindergarten (Choa Chu Kang), South View Primary School and Teck Whye Primary School.
Resale executive condos (EC) also come with access to shared amenities such as swimming pools, gyms, tennis court and playgrounds, which can be appealing to families with children but who may find it hard afford a similar sized private property. The reason why resale executive condos are selling at a slightly lower price than resale private condos is because ECs were subsidized by the government during their development phase and usually sold to eligible buyers at a price that is typically lower than that of private condominiums. These resale ECs that have fulfilled the minimum occupancy period and are now eligible to be sold on the open market are therefore being offered at a lower price.
"Buyers looking at resale private residential homes have to act fast as we are seeing the price gap between resale EC and resale private condos closing up due to increased demand for the more attractively priced resale EC units in the market today." said real estate professional Kiwi Lim from Huttons Asia. "However, if buyers prefer new EC launches with its attractive prices and are eligible to buy an executive condo during its launch, they may consider the few remaining units in these two avail EC projects in the market - North Gaia EC in Yishun and Tenet EC in Tampines"
"Buyers looking at resale private residential homes have to act fast as we are seeing the price gap between resale EC and resale private condos closing up due to increased demand for the more attractively priced resale EC units in the market today." said real estate professional Kiwi Lim from Huttons Asia. "However, if buyers prefer new EC launches with its attractive prices and are eligible to buy an executive condo during its launch, they may consider the few remaining units in these two avail EC projects in the market - North Gaia EC in Yishun and Tenet EC in Tampines"
RSS Feed
