ECs are cheaper
As the government aims to make housing affordable for middle-income families, executive condominiums (ECs) have become an increasingly popular option. However, unlike private condominiums, ECs do come with a few drawbacks. These restrictions and their high price tag mean that they are not affordable by everyone.
First, ECs are designed for owner-occupation. Their units have 2 to 4 bedrooms. Private condominiums, on the other hand, often have one-bedroom units. This has contributed to the rise in private condominium prices in recent years. After privatisation, HDB upgraders can purchase ECs. Second, ECs are less expensive than private condominiums, which means that ECs are a better investment.
ECs have lower land prices, which is another factor. They are typically located on the outskirts of the city, and are therefore not near MRT stations or bus interchanges. Since ECs are not located near transit hubs, buyers of ECs must borrow from a bank in order to make the purchase. In Singapore, the maximum loan for EC purchases is 75% of the valuation.
They have better amenities
An Executive Condominium is a condo unit with many of the amenities of a private condominium, but its price is significantly lower. They are …