After the launch of Provence in May 2021, a new EC Parc Greenwich at Sengkang is introduced. Because of existing escalating Covid-19 instances, the launch is most likely changed to early September 2021.
As we understand, the new Exec Condominium (EC) is a hybrid in between public as well as private housing. This is where one can delight in the centers of what a private condo has, however, features comparable HDB real estate rules like 5 years minimum occupation period (MOP) and also a much more restrictive Home mortgage Servicing Proportion (MSR). The best advantage will certainly be the cost-benefit as well as saving when once acquired an EC. As Mr. Khaw Advantage Wan in Jan 2013 stated when he was the Preacher of National Growth, “EC is like using you a Lexus at Corolla cost”. If you fit the criteria of acquiring a new EC, getting one is a brainer as it used you the following:
Upgrading with the lifestyle of owning an exclusive condominium
Reduced danger financial investment with greater return contrast to purchasing various other personal apartment property
Approximately $30K CPF gives eligibility with subsidized market rate during the purchase
The following is a photo of brand-new EC (highlighted in Eco-friendly) and also Condominium breakeven and also launched prices in recent times for comparison.
Before you made a decision on the EC, do look into the Developer’s performance history, style layout, area, amenity, and rate contrast to neighboring EC. Then you proceed to verify your eligibility as well as monetary commitment. This is very important that you have no concern about securing the system and cost you can buy. For updating from subsidized/ new HDB level, purchaser demand to prepare payback an HDB resale levy when they market their HDB level.
Likewise, buyers need to take note of the MSR (maximum 30% of household salary) enforced when getting an EC. This is not the like TDSR (approximately 60% of house wage) imposed when acquiring personal properties. An MSR loan table base on the household earnings listed below has actually been tabled for your consideration.
Once you are qualified for the new EC purchase, it is right that you seek out a new EC establishing out there to capitalize on the initial mover price benefit according to the location you want. There aren’t several new EC releases every year and also devices are most likely to market fast in the existing growing market as per Q12021 data.
Assistance elements for EC in today market
- Economical Pricing
- Reduced Rate Of Interest
- Underlying Need and Minimal EC supply
- Singapore Strong Basics
- General rising in building rates lately because of enhancing at building and construction prices in this long term Covid-19 period
To provide you a scale of the cost of brand-new as well as resale personal property compare to new EC transacted from the Year 2011 to the Year 2021 listed below. Plainly there is a cost space that is favorable to brand-new EC buyers worth consideration.
EC is a good buy in contrast to another exclusive condo
We likewise did a comparison of EC Ola released in Mar 2020 and also the new Parc Greenwich taken from Edgeprop. The land price $psf ppr is really close as well as with the escalating building and construction expense to be provisioned, it should be marketed around the cost of EC Ola as the programmer may need to cost competitively versus EC Ola.
So is the brand-new 496 units EC Parc Greenwich good buy for you? The e-Application period is currently delayed till after 6 Sept 2021 with reservation day most likely on the complying with a weekend break of 11 September 2021. If you need extra factors, you may note the additional key worths of Parc Greenwich are:
Opposite Landed Territory (Reduced Thickness).
Walking distance to Greenwich Village with a grocery store and also facilities and also mins drive to Seletar Mall.
Minutes drive to nature parks & country club.
Comfortable 2BR to 5BR premium, ranging from 786 to 1679 sf.
Rate Launch & Ballot Tickets Drop TBC (likely in Sep 2021).
The e-Application can only be done at the Greenwich showroom by consultation! If you are eager, do get in touch with me for the most recent catalog, format, and also finance assessment to identify the budget that suits your wanted system.