With the recent HDB Built-To-Order Flat (BTO) sales launch in the non-mature estates of Tengah and Woodlands, and the mature Kallang/Whampoa estate, the cycle repeats once more where one hopes and prays to the highest heavens for their ticket to ‘chope-ing’ their own BTO unit, which they can call home.
Seeing how application numbers far exceed the number of units available on offer, it’s likely you won’t be able to hit the jackpot on your first go. If you’re one of the unlucky few that’s had no success despite your multiple applications and are not a fan of resale flats, you may want to consider going for another subsidised housing option – that of an Executive Condominium (EC) (only if your financial situation permits of course).
So you might have heard of the term but what exactly is an EC? Simply put, ECs are full- suite condominiums, meaning you get to enjoy all the amenities such as a swimming pool and gymnasium, that a condominium offers. The best part? Despite an EC being constructed and marketed by a private developer, you’ll be able to enjoy government subsidies on this housing type. As such, ECs are a popular choice for first-time homeowners, especially so if you and your partner are taking back quite a bit on the salary front as the income ceiling is higher than that of BTOs.
Still not fully convinced on an EC? We shed some light on this popular housing type:
Pros
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Don’t play play – you’ll be able to tick of one of the ‘5 Cs of Singapore’ boxes, for a cheaper price (just don’t say you bought it for a discount)
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There’s a higher income ceiling of $14,000 for ECs, compared to BTO’s $12,000 income cap, making it a great option for couples with higher salaries
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Prices of ECs appreciate significantly after the five-year Minimum Occupancy Period (MOP) – definitely more so than that of BTOs
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After 10 years, ECs are considered private properties so they can be sold to foreigners (ka-ching!)
Cons
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Despite the subsidies on offer for ECs, the prices are nowhere near those of BTOs
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Like that of condominiums, you’ll need to pay maintenance fees to account for the amenities you’re able to enjoy, making the fee significantly higher than that of a HDB’s Service and Conservancy Fees
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With ECs, there isn’t an option of a HDB loan so you will have to use a bank loan
More convinced now and are all set for your EC purchase? Look no further than the only EC launch for 2019 – Piermont Grand, located in the Punggol estate. Located at Sumang Walk, there was significant interest in the 27,056.4 square metre plot of land which attracted several bids. City Developments came out on top with a bid of $509.37 million – a record price for that of an executive condominium, which works out to a selling price of approximately $1,000 per square foot (PSF).
You’ll be able to enjoy ultimate convenience, seeing as Piermont Grand is located near the Nibong LRT, which is three stops away from Punggol MRT and the popular Waterway Point shopping mall. On top of that, there are multiple schools in the vicinity such as Punggol Cove Primary School, Punggol Green Primary School and Edgefield Primary and Secondary School.
There’s definitely a huge earning opportunity here, be it on the resale or rental front, should you decide to proceed with the purchase of Piermont Grand, seeing as there are multiple development plans lined up in Punggol, such as the Punggol Digital District which includes a business park, and the new Punggol Town Hub, which consists of a hawker centre and library.
If your interest is piqued and you’d like to find out more about Piermont Grand, or to enquire or purchase units, you can easily do so by heading over to SRX’s Piermont Grand listing site here.
Not too sure just yet? Be sure to visit our ‘New Launches’ portal to find out more information about various new and upcoming condominiums such as the percentage of units sold and launched, the average price, and average price PSF all at a glance!