Despite the number of new private condominiums out in the market, executive condominiums (ECs) are still one of the more popular property types out there. Being the hybrid property they are, they provide buyers an option that allows them to transition comfortably between public and private property market.
Sold as public property, buyers are able to take advantage of the grants provided by the Housing Development Board (HDB). Though income ceilings apply, they have been raised to $14,000 last year and that has possibly opened the door to more applicants. And one of the best parts is after 10 years, ECs are considered private properties and thus increases their inherent value considerably.
Developed and built by private developers, many of these executive condominiums used to be situated in not-so-ideal locations. But as Singapore becomes more built-up, many new ECs are now quite conveniently located, near schools, transport nodes and many other amenities and shopping malls.
Photo: Bellewoods EC
Take the Ecopolitan EC for example, it is situated near the Punggol MRT station, Waterway Point, Punggol Waterway Park, Coney Island and just a 20-minute drive away from town. It will receive its Temporary Occupation Permit (TOP) this year and will no doubt inject much life into the Punggol HDB estate.
Another new EC, Bellewoods in Woodlands, can also look forward to being serviced by the upcoming Thomson-East Coast MRT line, with their proximity to the Woodlands South MRT station. Both properties are developed by Qingjian Realty and look set to be some of the more prominent projects in these blossoming estates.