New Launch HDB Executive Condominiums Gain More Popularity From First Time Owners
Compared to the average price of Resale ECs, the price of New Launch ECs has increased to a higher level. However, if you are looking for a resale EC, you will be glad to know that you are eligible for a Resale EC if you are below 35 years old. You will also be able to enjoy the benefits of having a Concessionary Loan to finance your property purchase.
Resale HDB ECs are open to singles under 35 years old
Unlike private condos, resale HDB Executive Condominiums (ECs) are open to singles under 35 years old. ECs are hybrid developments that combine public and private housing. ECs are priced 20 to 30 percent cheaper than private condos. They are located in more affordable areas.
ECs were introduced in 1996 as a way to attract young professionals and middle-income home buyers. The typical EC resembles a private condo. Its main living space includes a kitchen, bedroom and bathroom. In addition, ECs usually come with full guardhouse security. However, ECs require residents to make sacrifices in other aspects of their lives.
As such, ECs are managed by the HDB for the first 10 years. After that, they are privatised. This means that owners can only sell their units to Singapore citizens or permanent residents.
Bukit Batok EC is estimated to cost between $515 million and S$600 million
Among the newest executive condominiums in Singapore is the Bukit Batok EC, located at Bukit Batok West Avenue 8. The development is located within the Jurong East Shopping Mall and is estimated to cost between $515 million and S$600 million.
The development will have a total of 375 units, with a maximum gross floor area of 37,348 square metres. This development will offer apartment-style flats and townhouses. Each unit will have a floor plan that will vary according to the square footage.
Bukit Batok EC offers a low-priced alternative to private condominiums. First time buyers will be able to get a home that is close to the city, as well as many amenities. It is located near Bukit Batok MRT station and is within walking distance of Dunearn Secondary School, Bukit Batok Secondary School, and Jurong Town shopping mall. It also offers a variety of food options.
New launch ECs have been higher
ECs are a hybrid property type that combine the best qualities of apartments and condominiums. These are generally more affordable on psf basis and can be a good entry point into private condominiums. The properties are sold to Singapore citizens. There are three main types of ECs.
The most popular are the executive condos. These are subsidised condominiums that combine the subsidised prices of government housing with condo facilities. These are usually located in less-than-prime locations when they are first built.
In terms of size, EC units tend to be larger than private condominiums. There are also a number of benefits that come with ECs. Some of these include proximity to schools, shops and MRT stations. These perks give parents and children a sense of security and allow them to spend more time with their families.
HDB vs bank loan is the only option that allows you to take a concessionary loan
Buying an HDB flat in Singapore is easier than you might think. Besides the housing grant, you can also borrow up to 80% of the property’s purchase price from your bank. These loans typically have lower interest rates and lower down payments.
Bank loans typically come with a lock-in period. A lock-in period is the time period during which you cannot refinance your loan. Some banks will require you to pay a prepayment penalty of 1.5% if you decide to refinance before the lock-in period has expired.
Choosing the right type of loan can make or break your purchase. The most important factor to consider is whether you can afford the monthly repayments. Banks usually offer a 30-year loan, which means you will be paying the loan off over a period of 30 years.
Millennials are moving to Canberra Residences
Millennials are moving to Canberra Residences in an effort to break free from the “renters’ philosophy” and become homeowners. These young buyers may need some assistance from their parents for a down payment. They’re also eager to make their own home improvements.
There is plenty of property in the area. The government has introduced stamp duty concessions, and first home buyers have been able to get active in the market due to lower interest rates.
Canberra is a small city with friendly locals and a great place for dining. It’s also home to the Australian War Memorial and Parliament House. Its prime location means it’s a great place for work and shopping. It also has plenty of green open spaces.
Canberra is one of the most affordable places to buy a house in Australia. The median age of residents is 35. However, there are some parts of the city that aren’t so great.