When you decide to buy an EC unit, it is important to know the rules for buying. Foreigners cannot purchase ECs directly from developers. They have to register their interest. You can do so by filling out an e-application form. Developers will check your details to make sure you’re eligible to purchase an EC unit. Once you’re accepted, you’ll be given a ballot number and appointment date.
The HDB EC market is set to gain momentum this year. This is largely due to the increase in new EC launches, and the fact that prices of private condos in the surrounding areas are increasing. This means that the prices of resale ECs are expected to increase, but the pace will depend on the overall housing market and economy.
The March to July window is critical for resale transactions before the Hungry Ghost Month. ERA Realty key executive officer Eugene Lim predicts that the resale market will reach a high of 18,000 to 20,000 units this year, up from the low of 17,300 units last year. This pick-up in resale volume can also be attributed to stabilised resale prices and the slowdown in the launch of HDBTO projects.
HDB EC prices are set by the HDB and are set below the market value of private flats. However, these units can only be purchased by Singapore citizens and permanent residents. Foreigners cannot buy an EC unless the development is totally privatised. The average timeline for buying an EC is four to five years.
Prices of HDB ECs continue to rise as demand grows. While the number of new EC launches has increased in recent years, the overall number of units sold remains low. For example, in the third quarter of 2017, 191 EC units were sold, largely due to North Gaia in Yishun, which sold 19 units at an average price of $1,272 psf.
There are a number of restrictions on buying HDB ECs directly from developers, including certain income levels and minimum occupation periods. However, there are also many advantages to buying ECs. For example, you’ll get a lower starting price than private condos and you’ll have greater options when it comes to choosing a location. In addition, buying an EC will also allow you to sell it to a wider pool of buyers after five years. While buying an EC isn’t cheap, it can give you significant capital gains in the long run. In fact, many EC projects were launched at a price of $360 to $460 psf and later sold for an average of $683 psf.
The HDB has also introduced some restrictions for foreigners when purchasing an EC. One of them is the MSR, which limits the maximum mortgage amount to 30% of gross monthly income. These restrictions are designed to discourage profiteering in the housing market The Myst and keep prices affordable. However, there are some exceptions, such as the fact that foreign couples can buy resale HDB flats.
The HDB regulations change every now and then. In general, foreigners cannot buy HDB ECs directly from developers, but they can buy ECs that are less than 10 years old. In addition, Singapore PRs cannot purchase HDB ECs alone, though they can buy resale ones if they’re related to Singaporean citizens.
If you are looking to buy a Singapore property, ECs are a good option. They are cheaper than private condos but offer similar facilities. The number of ECs for sale in Singapore is increasing every year. The advantages of buying an EC include a lower purchase price and easier resale.
The price difference between private condos and ECs has narrowed considerably in the past few years. ECs are cheaper than private condos, which has helped make them a more attractive option to foreign investors and HDB upgraders. And after the privatisation process, ECs are more affordable.
Private condos tend to have a better location and better amenities than ECs, but executive condos tend to be more spacious. This means that they are better for families and investors who need more space. They are also greener and have better views than private condos. ECs are better for investors than private condos because the government helps fund the maintenance fees.
ECs are more affordable than private condos, making them a good choice for families with small children. They also have the potential for capital gains, especially during the privatisation process. These apartments are also a good option for middle-income families.