Growing up in Singapore, it’s common to want to own your very own condominium unit. Well who wouldn’t want to, considering all the amenities you’ll be able to enjoy all in one location, such as a swimming pool and gym. Furthermore, you can proudly say you’ve ticked off one of the ‘5 Cs of Singapore’ boxes – HUAT AH!
While last week we weighed between two subsidised housing options – BTO and Executive Condominiums, this week’s piece is for all you die-die-must-own-condominium house hunters out there, where we compare an Executive Condominium (EC) and a Condominium.
Did you even know there’s a difference between the two – besides the addition of the word ‘executive’ of course? Well you’re not alone if you didn’t as many won’t be able to point out the contrast by just looking at the two different buildings. Seeing as both housing sites are the same in structure where there is a land size requirement of at least 40,000 sqft and both have communal facilities for homeowners to enjoy, it’s no wonder many don’t know there’s a difference between the two. In fact, the word ‘executive’ may even have people fooled into thinking an EC is a more premium housing option than a condominium.
The biggest difference between the two condominium types stems from the type of housing category each falls under – where a condominium falls under the private housing group whereas an EC comes under the public housing category for the first 10 years before securing its private housing status. It’s due to this housing status whereby there are several ownership limitations in place, such as a 5-year Minimum Occupancy Period for ECs whereas there are none for condominiums.
While we went into detail on the pros and cons of ECs compared to BTOs in our previous piece, we now do so for condominiums compared to ECs.
You can proudly say you purchased a condominium to tick of one of the ‘5 Cs of Singapore’ boxes, without any discounts
There’s no income ceiling whatsoever for condominiums
There’s no Minimum Occupancy Period so once you make the purchase, you can start renting (or even selling it) immediately for surplus income
Without the ownership restrictions, condominiums can be sold to foreigners and companies whilst ECs can only be sold to Singapore Citizens and PRs after the 5-year MOP and only to foreigners and companies after the 10-year mark
Without the subsidies on offer like that for ECs, the prices are on the higher spectrum
If you’ve yet to make up your mind, you may want to either get an EC or Condominium in the popular District 19, which consists of the Punggol, Sengkang and Serangoon Gardens areas.
This north-eastern region is perfect for those looking to purchase their new home, especially so if you’re looking to get away from the hustle and bustle of the city and the pricey housing options that come along with. Despite being located somewhat away from the core city region, the extreme connectivity of the area – with LRTs available in both Punggol and Sengkang that link directly to the North-East line – makes it easy to access all parts of Singapore. Furthermore, the upcoming Cross Island Line will service the Serangoon Gardens region, ensuring Singaporeans everywhere will be able to enjoy the delicious food Chomp Chomp Food Centre has to offer with much ease.
Once you’ve settled on a home purchase in this district, it’s time to decide on whether an EC or Condominium is best suited for you. We’ve narrowed the comparison down to The Florence Residences (Condominium) and Piermont Grand (EC) for you:
Located in the Kovan estate, The Florence Residences is a unique condominium that aims to offer the “Lifestyle of a Club and Luxury of a Condo”, making it perfect for both homebuyers and investors. Set to be completed in 2023, The Florence Residences is a mere 8-minutes’ walk and 2-minutes’ drive to Kovan MRT, making it easy for you to get connected to the rest of the city and to also enjoy the offerings of Heartland Mall.
What’s more, The Florence Residences is structured such that it’s like an exclusive club, meaning there’s multiple facilities under one roof – 128 offerings as part of 12 clubs to be exact. Besides common facilities found in all condominiums such as your swimming pools and gyms, The Florence Residences has unique facilities such as a jamming studio, a library, a tai-chi and yoga lawn, and even a bouldering wall!
If you’re not entirely convinced on a condominium purchase or aren’t ready to make that large financial commitment, you may want to consider the only EC launch for 2019 – Piermont Grand, located in the Punggol estate. Located at Sumang Walk, 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.
With 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, you can count on a huge earning opportunity, be it on the resale or rental front.
Still 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!