Minimum Occupation Period When Buying Tengah Executive Condominium
As a home buyer, you may want to consider buying an EC as opposed to a private property. ECs are built on government-sold land and are much more affordable than private properties. You should also consider the mortgage servicing ratio.
Situated near the Tengah Garden Walk, Tengah EC is the new executive condominium in the heart of Tengah. Its location is convenient to the town’s three MRT stations, and it is near several greeneries and recreational centres. The property has 615 units, ranging from cozy 3-bedroom units to lavish 5-bedroom apartments.
The development is close to amenities, including an 18-hole golf course, a mini-golf course, and several recreational areas. The community is also near several shopping malls and restaurants. There are also a number of community activities offered in the development. It promises healthy living for its residents, and it has a strong commitment to the environment.
The ECs are priced slightly lower than private condos. Despite the lower price tag, they offer typical condo amenities such as fully equipped kitchens and comparable finishings. In addition, ECs can benefit from CPF housing grants. They can also be sold to foreigners once they reach the 11th year of ownership.
Tengah EC is ideally situated near the city centre and a number of educational institutions. It is within 30 minutes’ drive to the Central Business District. Moreover, it is close to Jurong Innovation District, which aims to become a global leader in the manufacturing industry. The location also provides convenient access to public transport services.
The developers of Tengah Executive Condominiums have taken note of the increasing demand for executive condos. As a result, they plan to turn a sprawling site into a premium residential hub. The development is located near several major transport hubs, including the Tengah Plantation MRT station. The Jurong Region Line is also accessible from here.
If you’re looking for a good place to raise a family, Tengah Executive Condominiums might be a better investment than private condos. They are slightly cheaper and offer the same amenities as private condos, including fully equipped kitchens and comparable finishings. Moreover, you can take advantage of government subsidies and CPF Housing Grants if you invest in an EC. You can also sell your EC to a foreign buyer from the eleventh year onwards, if you so desire.
Although private condos have the advantage of a lower entry price, they are not as stable and may not be a good investment. Executive condominiums can command better capital gains because they are located in prime districts. Unlike private condos, executive condominiums have a longer lease period. This means you can sell your property sooner and enjoy higher profits. You can also rent out your unit to make a profit. According to the Singapore Property Market Report, there were spikes in private condo asking rental prices due to the expected return of expatriates.
ECs offer first-time buyers a number of advantages over private condos. For one, if you are a first-time buyer, you can benefit from priority flat allocation and other privileges. Second-time buyers can also take advantage of first-timer privileges and enjoy the same benefits as first-time buyers.
One of the main advantages of Tengah Executive Condominiums is the location. It is just a few steps away from the Bukit Batok MRT station and has convenient access to groceries, movie theaters, and restaurants. It is also located in the heart of the Tengah Green District. It is built on green building technology and is situated close to Bukit Timah Nature Reserve, a nature park where residents can enjoy bird watching and hiking.
The GLS programme is a land development scheme by the government that allows them to sell state land to private property developers. Developers bid against each other for the land and are usually awarded the plot at the top bidder’s price. To find out if a particular plot of land is available for development, visit the URA website.
The first executive condominium project in the neighbourhood was awarded to Taurus Properties SG. The company has received $400,318,000 for the plot, which will be a 99-year leasehold site. This is a record price, surpassing the previous record set by Sumang Walk EC in Punggol four years ago, which cost $583 psf prr.
The Confirmed List EC site will have 1,190 units, while the Bukit Timah Link project will offer 160 units. These projects will provide a timely injection of new mass market housing, while also providing greater convenience to local residents. They are located in a strategic location near several public housing projects and a future EC development.
The GLS government has approved the project, which is expected to launch on 26 November. It has a land area of 2.2 hectares and a maximum gross floor area of 61,659 square meters. Its location is near the future Jurong Region Line, while the future car-free town centre is only a short drive away.
A good deal of investment potential is available in the executive condos. As a result, the property will appreciate in value over the years. Unlike many private condominiums, Tengah Executive Condominiums are a good deal for those who are looking for a home with good investment potential.
When you buy an EC, it is important to understand the Mortgage Servicing Ratio (MSR) and the Minimum Occupancy Period (MOP) that will apply. The MSR is a financial ratio that calculates how much of a monthly income is used to pay your mortgage each month. In the case of Tengah EC, the MOP is five years. This means that you cannot sell your property within this period.
In order to avoid being pushed into a potentially risky financial situation, buyers of Executive Condominiums must adhere to the MSR. This ratio is calculated by looking at their monthly gross income. For example, if you make $4,000 a month, you cannot borrow more than 30% of that amount. This is a reasonable approach that helps to ensure that you only purchase a home that you can afford.
Executive Condominiums are more affordable than private condos, and often sell for a substantial discount. The government provides subsidies and the minimum occupancy period is generally shorter. Furthermore, the executive condominium is typically cheaper than private condos, and has many of the same amenities that private condos offer.
If you plan to sell your EC property after the MOP period, it’s best to find a buyer who is willing to stay in the property for at least five or ten years. This will reduce the risk of property speculation. Another benefit of executive condominiums is that they are usually constructed by private developers and come with quality facilities and high security. In addition to that, they are built on GLS government land sales that are sold to private developers for a much lower price. That means the selling price to EC buyers is also lower.
When buying an EC, it’s important to pay attention to the minimum occupation period. Most of these units are built on cheaper land outside of the city centre, which may be an issue if you commute regularly. These units also tend to be further away from amenities and services that you would normally expect in the city center.
Ideally, you should be able to move into your new home within a year or two. The area around Tengah is zoning for schools, including Princess Elizabeth Primary School. In addition, there are several bus interchanges and a polyclinic in the area. This makes it easier to access a variety of services in the area, including school transport.
In addition, you must keep in mind that you cannot sell your EC within the MOP unless you have a minimum occupation period of five years. You can only sell your EC if you are a Singaporean citizen or a Permanent Resident. In addition to this, you must also meet certain income caps in order to sell your EC.
Tengah EC is a smart town, combining greenery and modern technologies. As Singapore’s first smart town, Tengah EC is an ideal place to live, work, and play. With an estimated three quarters of the size of Punggol, Tengah EC will provide a great working environment for a diverse group of residents.