Soon Seng Neo’s Post

View profile for Soon Seng Neo, graphic

Real Estate Consultant

Pros and Cons: Buying a New Condo vs. a New EC in Singapore **Pros of Buying a New Condo:** 1. Immediate Ownership upon TOP: Private condos do not have a Minimum Occupation Period (MOP), allowing for immediate renting or selling. 2. Luxury and Amenities: Condos typically offer superior facilities, such as swimming pools, gyms, and concierge services. **Cons of Buying a New Condo:** 1. Higher Cost: Condos are usually more expensive than Executive Condominiums (ECs), both in terms of purchase price and maintenance fees. 2. Limited Grants: Unlike ECs, buyers of private condos are not eligible for government grants. Pros of Buying a New EC: 1. Affordability: ECs are generally more affordable than condos and can be purchased using CPF Housing Grants. 2. Potential for Appreciation: After the 10-year MOP, ECs become fully privatized and can appreciate significantly in value. 3. Government Support: EC buyers can benefit from subsidies and grants. **Cons of Buying a New EC:** 1. MOP Restriction: ECs require a five-year MOP before they can be sold or rented out. 2. Limited Locations: ECs are usually located in non-central areas, which may not be as desirable. **Singaporean Concerns:** 1. Affordability: Many are concerned about the high costs of private condos versus the affordability of ECs. 2. Location and Accessibility: The location of the property and proximity to amenities and transport is a major concern. 3. Investment Potential: Singaporeans weigh the potential appreciation of condos versus the initial cost savings and long-term gains from ECs. 4. Eligibility and Grants: For ECs, eligibility criteria and available grants are significant factors in the decision-making process. Choosing between a condo and an EC depends on individual financial situations, lifestyle preferences, and long-term investment goals. 🙂

To view or add a comment, sign in

Explore topics