Executive Condominiums (EC) were introduced to cater to Singaporeans, especially young graduates and professionals who can afford more than an HDB flat but find private property out of their reach. … Foreigners can be only buy a Executive Condominium after 10 years, in which all restrictions will be lifted.
Can foreigner buy resale EC?
If you are a Singaporean or PR, you can buy a resale EC from the open market after the 5-year Minimum Occupation Period (MOP), from the 6th to 10th year. If you are a foreigner, you can buy an EC only after the 10th year.
Are foreigners allowed to buy property in Singapore?
Yes, foreigners can buy property in Singapore, but with certain restrictions. Only Singapore nationals and permanent residents can avail of the subsidized housing by the Housing & Development Board (HBD). … Foreigners can own private apartment or condominium units as much as they can afford.
Can foreigners buy EC after 5 years?
EC owners can sell their unit to anyone except a foreigner after 5 years minimum occupation period. Congrats for fulfilling the 5 years minimum occupation period. Your wise decision to purchase your EC unit years ago has brought yourself one step closer to financial freedom.
Can single PR buy EC in Singapore?
A single PR can buy a resale EC or an HDB flat subject to conditions. You can buy a resale EC after the 5-year Minimum Occupation Period (MOP) from the 6th to 10th year. … A single PR can buy a resale EC, as resale EC upon completion of MOP is considered as a private property to SC & SPR.
Is EC a good buy?
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.
Is it worth buying 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.
What is a good expat salary in Singapore?
Expat pay packages in Singapore rose by $18,130.85 (US$13,163) to $325,424.24 (US$236,258) in 2018, which includes an average cash salary of $124,200.25 (US$90,170), according to a study by ECA International.
How long can you own a house in Singapore?
There is no limit to the number of private properties you can own as a Singapore Citizen or PR. HDB owners who wish to purchase private property can only do so after the minimum occupation period of five years.
How can I afford a house in Singapore?
Here are four basic strategies anyone can use:
- Put money into a targeted investment plan.
- Consider making voluntary CPF top-ups.
- Maintain low debt before getting a home loan.
- Build an emergency fund of six months’ of your expenses.
Can a single buy a EC?
However, not just anyone can buy an EC. The purchase of an EC is only for those who meet the stringent eligibility criteria. This select group of people should capitalise on this opportunity to own an EC and with it, a whole new lifestyle.
How much does it cost to buy resale EC?
For resale ECs:
You need to make a minimum down payment of 25 per cent of the property. In addition, the first five per cent of the property must be paid in cash. So with regard to a $1.04 million EC, for instance, you would pay at minimum $52,000 in cash, and $208,000 in any combination of cash or CPF.
How much is EC in Singapore?
Additional Costs: Beyond the purchase price, you need to pay legal fees of about $2,000 and valuation fees of about $200 for a new EC. There is also the Buyer Stamp Duty, which is 3% of the purchase price or 4% if purchase price is above $1 million.