Rise in the Income Ceiling for EC Purchase Eligibility to Boost EC Buyers

In September of 2015, the government of Singapore has announced that the income ceiling for buyers of HDB (Housing and Development Board) developed properties in Singapore will be raised by $2,000. This has opened the gates for a large number of local citizens of the city to buy some of the best residential properties in the city at fairly inexpensive and affordable prices.

Until recently, only families below the monthly income ceiling of $10,000 were allowed to purchase HDB developed flats, while the monthly income ceiling for the purchase of HDB developed executive condominiums was set at $12,000. This caused many people with a greater monthly income to miss out on a chance to book HDB flats and executive condominiums that would have liked to purchase. People with monthly incomes of more than $14,000 had to opt for the expensive 4 and 5-bedroom executive condominiums or look to invest in the many private condominiums in the city.

This created unfavorable situations for people who could not really afford the expensive private residential condominium units in the city. Now, the monthly income ceiling for the purchase of HDB flats have been raised to $12,000, while the monthly income ceiling for the purchase of HDB ECs has been raised to $14,000. This allows more people the opportunity to opt for homes of their choices. This also means that upcoming executive condominium properties like the Signature at Yishun will have more admirers and attract more buyers. More and more people will now become eligible for such properties, and will now opt for them ahead of the many private condominium properties in the city.

Now, this is also expected to have a bit of a negative impact on the sales of executive condominiums in the city. This is due to the fact that a number of people with monthly incomes between $10,000 and $12,000 will now move their focus to the HDB flats. Hence, raising the monthly income ceiling for HDB flats will cause a small percentage of loss in the number of buyers of ECs. However, the raise of the monthly income ceiling for ECs will also see a significant increase in the sales of executive condominiums like the Signature at Yishun EC.

Now, only time will be able to tell whether the latter is able to cover the deficit created by the former or not. This has, however, opened up plenty of opportunities for the people of Singapore.

Buy a Residential Condominium Property Instead Of Renting One

There are a number of differences between buying a condominium property and taking one on rent. Even though the type of property remains the same, there are significant differences in the quality of lifestyle led by the occupants. This is primarily due to the ownership features and aspects that get involved. The difference in the ownership rights causes minor changes to the usability of the property, and in turn, causes a significant impact on the way occupants live their lives in such residences.

When you buy a residential condominium unit in Singapore, you are the owner of the unit. Now, you do not become the owner of the entire building or complex in which the condo unit is located, but only the unit you have paid for. The condo units located next to your walls are bought by some other people, and hence, are owned by others. Hence, all the owners of the condo units in the building and complex become joint owners of the entire property. Everyone has the right to pass their opinion in regards to any developmental activities taking place in the condominium complex, and all decisions are taken while keeping the benefit of every individual in mind.

Moreover, when you buy a residential condo unit in complexes like the North Park Residences Singapore, you are entitled to a number of tax benefits. These benefits are offered by the government of Singapore, and are of tremendous help to condo buyers as they help them to save significant sums of money. Now, if you are renting a condominium property in order to accommodate your family, you are not eligible to these tax benefits offered by the government. Moreover, the amount of money that you pay as rent helps to aid the owner of the condo unit to pay off the mortgage installments. Hence, in an indirect note, you pay for the residential property, but you do not get to enjoy the ownership of the property.

Hence, it is always best to purchase a residential condominium property rather than renting one. You can always check out a new launch condominium Yishun or other areas of the city, and purchase one that suits your needs and requirements. In case you do not have the money to afford one, you can always obtain a loan to finance the purchase. There are numerous private funding groups and banks that offer great loan schemes to help people afford the homes of their dreams.

Popularity of Condominiums Have Risen Significantly In Singapore

The city-state of Singapore is home to some of the most beautiful condominium properties in the world. Even though the city has been a late entrant in the industry of condominium development, it has made significant advancements of late (particularly in the last decade or two), and has become a force to reckon with. Today, condo units appear to be the most popular housing choice for most of the population, and constitute a major portion of all housing structures in the city. There are a number of reasons that contribute to the widespread popularity of condominiums as the most preferred housing structures.

• Scarcity of open land spaces: The availability of free land spaces has dwindled significantly over the course of the last decade. Open spaces of land in the city are hard to come by, and even if one is able to come across a piece of land, the price is beyond affordability. Hence, the common people of the city are forced to live in rented homes. Condominiums offer the perfect solution to this rising issue as a large number of families can be housed over a considerably smaller piece of land surface.
• Condominiums are cheaper than private homes: Due to the scarcity of free land surface in the city, landed and private detached and semi-detached homes accompany very high price tags. On the contrary, condominium developments like the North Park Residences Yishun Central offer cheaper alternatives. The average price of condominium units in the city is about one-third of that of the private homes. Hence, it is easier to purchase condo units than to purchase private single-family homes.
• Multiple facilities on offer: By living in condominiums, the residents would be able to enjoy a number of facilities and amenities that are not easily obtainable with private houses. Hence, condominium developments in the city serve as great attractions for the people of the city as they are able to offer a much higher and better quality of lifestyle, and that too, at cheaper expenses.

Another important factor that has had a significant impact on the residential sector of the city is the large number of condominium developments that have been constructed in various parts of the city. There have been multiple new launch condominium Yishun and others areas of the city, and this has offered a large number of choices to the people of the city. This has been one of the most prominent reasons behind the widespread popularity of condominiums in Singapore.

What are you missing by not living in a residential condominium?

You might find the privacy and the large amounts of available spaces of private single-family homes to be very tempting. Landed and semi-detached properties do have their own benefits to offer to the occupants. Residential condominiums, however, offer a number of benefits that cannot be matched by private single-family homes, a least not at the prices at which residential condo units are available in big cities like Singapore. So, what are the facilities that you are missing out on by not living in a residential condominium in Singapore?

• Community and social life: Private houses offer so much privacy that you might not know much about the people living in the neighborhood. Most people in a neighborhood of private houses often restrict themselves to their own private lives, and there is very less scope for social interactions and gatherings. Condominiums, on the contrary, offer great social life as you will live along with a number of other families in the same building. Hence, socializing is much easier and you can form strong bonds with your neighbors. This can be very helpful in times of need, as there is always somebody living close by to lend you a helping hand.
• Exciting and luxurious facilities on offer: By living in a condominium in complexes like the Botanique at Bartley, you will have access to a number of exciting facilities like swimming pools, tennis courts and playgrounds for children, gymnasiums, barbeque areas, parking spots, etc. You do not have to pay much for these facilities as the construction costs are included in the purchase price of the condo unit you buy. All you need to pay is a monthly fee for the maintenance of these facilities, and this fee is collected from every owner of properties in the complex.
• Affordable living in the city: By opting to live in condominiums, you have the luxury of living in the city without having to spend more money than your budget. Private condominiums are easily affordable for a person with an average income in the city of Singapore. Hence, you can buy a condo unit from a Bartley condo new launch at inexpensive prices, and live close to your workplaces and all the important amenities of the city.

Therefore, if you have the desire of living the best possible lifestyle in the beautiful city of Singapore, you should not waste any time. Check out the new condominium launches happening in the city, and get a condo unit that serves the needs and requirements of your family.

Renting a Residential Condominium in Singapore against Buying One

There are a number of benefits of living in a residential condominium property in the city-state of Singapore. Occupants of condominium units get to enjoy a much higher and better quality of lifestyle than the residents of any other housing structures. However, if you are living in a residential condo unit as a tenant, there are a number of facilities that you are missing out on. Even though you might still get to enjoy the various facilities and amenities that the condominium complex might offer, you still do not have the luxury of complete freedom.

By taking a condominium property on rent, you are certainly providing your family with the high quality lifestyle and accommodation that you always craved. However, you always have to live according to a few guidelines and regulations sketched by the owner of the property. Moreover, if you want to make any new developments in order to increase the comfort level of your home, you have to first seek approval from the owner, and only after proper authorization can you proceed. Moreover, if you wish to utilize the various benefits offered by the complex, you would have to first obtain the authorization of the owner allowing you the access to the facilities.

On the other hand, you have access to all the benefits and facilities on offer to owners if you decide to purchase a condominium near Bartley MRT or similar locations instead of taking up one on rent. You can make changes as and when necessary, but only as long as the changes are limited to you own property and do not affect the units adjacent to your property. In case you feel that the changes might impact your neighbors, you can always obtain prior approval from them and proceed with making the changes. Moreover, you always have a say in any kind of developmental activities that might be undertaken in order to enhance the quality of life offered by the condominium complex.

However, there is one great benefit of renting a condominium over owning one. In case you find that you have a property that does not suit your needs, or you have an extension in the family that you cannot accommodate, you would find it a little difficult to relocate. If you are renting a condominium, you can easily move out to a larger property in a popular complex like the Botanique at Bartley, and accommodate your family to better conditions. By owning a property, however, you have to first get rid of the existing or be stranded with a property that you need to find a better use for.

Why Should You Opt For a Private Condominium in Singapore?

Are you planning to buy a new home for your family in the city-state of Singapore? Are you tired of living in rental apartments, and adjusting your lifestyle according to the whims and desires of your constantly changing landlords? Do you crave for a property of your own where you have the liberty to do as you like? Well, if the answer to all the questions above is a “Yes”, then it is time you consider the option of buying a condominium in the city.

Private condominiums are cheap housing options

If you were to look around the city for the cheapest residential properties, you would definitely find that the many condominiums are the most practical options worth buying. They are the cheapest properties on offer in the city. Of course, the residential properties developed by the Housing and Development Board have cheaper price tags, but they are not available for everybody in the city. A number of rules apply to these properties regarding their purchase and use.

Private condominiums can be obtained and used by one and all

Foreigners cannot purchase the HDB developed properties nor can they rent them unless a local citizen has occupied the property for duration of at least 10 and 5 years respectively. Moreover, a lot of rules apply to a Singaporean citizen as well in regards to their purchase and use. Private condominiums like the Botanique at Bartley, on the other hand, are free from such restrictions. They can be purchased and occupied by local citizens and foreigners alike.  However, there are a few state rules that apply to the purchase and usage of these properties as well, but they are not as harsh as the rules that apply to the HDB properties.

Private condominiums are trending in the current residential property industry

Finding landed properties in the city like private houses is pretty difficult due to the constantly dwindling resources of free land. Under these circumstances, apartment lifestyle has gathered a lot of popularity in recent decades. Moreover, it is easier to find condominiums than it is to find detached houses in the city.

Private condominiums are tactically located

Keeping in mind the most convenience of the residents, private condominiums are developed in the best tactical locations so that the residents have easy access to all necessary amenities. You will be able to find a condominium near Bartley MRT or other important locations of the city with great ease. Such locations are meant to make life easier for the people living in such residential properties.

Private Condos vs. Executive Condos: A Brief Comparison

One of the first things that most people do when attempting to buy a residential condominium property in Singapore is browse through a list of properties in order to find the cheapest ones. There are also a few people who would rather pay an extra sum of money in order to have added benefits like a good view of golf courses, fruit orchards, lakes, reservoirs, etc. However, there are other more important aspects to consider so that the purchase of a property, that would serve the necessities and requirements that a person might have, can be ensured.

There are, basically, two different types of residential condominiums available for purchase in Singapore. They are the private condominiums developed by private contractors and the many executive condominiums developed by the Housing & Development Board of Singapore. There are a few dissimilarities between the two types of condo properties based on a few aspects. Some of them have been discussed below.

• Differences based on ownership restrictions

Private residential condo units do not have many restrictions when it comes to ownership restrictions. Ownership here is restricted to the fact that condo owners only own their personal units while the apartment property is jointly owned by all the owners of the individual units. In terms of leasehold properties, however, the land property on which the apartment is developed is owned by a freeholder who takes over the land after the lease period.

In case of executive condominiums, on the other hand, there are a number of regulations that apply to ECs similar to the flats and apartments developed by the HDB. These regulations dictate the ownership and usage of the executive condominiums by owners. Moreover, ECs like the Signature at Yishun can only be purchased and used by a citizen of Singapore (at leaccst for the first 10 years), whereas private condominiums can be purchased by local citizens and foreign settlers alike.

• Price

There is a huge gap between the price ranges of the many private condominiums in the city and the HDB developed executive condominiums. Private condominiums cost way more than the ECs like the Signature at Yishun EC. Hence, they are always better properties to buy if a person is eligible to purchase them.

• Facilities

Executive condominiums do not offer a world of luxury features. They offer residents a number of basic and essential amenities along with a few luxury amenities like swimming pools, parking spots, gyms, etc. private condominiums, on the other hand, offer these and much more. Facilities like tennis courts, spas, barbecue areas, tennis courts and playgrounds, etc. are pretty common in private condominiums in Singapore.

Importance Aspects of Commercial Property Purchases In Singapore

It is always a great thing to obtain expert advice every now and then in regards to your commercial undertaking. It can help you to provide that extra boost to your business and help you resolve the many struggles that you are going through. The same applies when you are looking to buy a commercial property in the city-state of Singapore in order to provide your business with the much needed expansion. The professional guidance of an expert will help you determine your needs more accurately, and also to look for and invest the right commercial property for your business venture.

When it comes to commercial real estate in the city-state of Singapore, there are a number of rules and regulations that are applicable. In this city, you can make a purchase of a commercial property either as an individual or as a part of an association. Either way, you will be eligible for a number of financial benefits during and after the purchase of the property. A large number of private banks in the city offer exciting loan schemes on commercial property purchases. In this case, it is best to take a loan of a certain amount of money in order to make the down-payment, while the mortgage amounts can be paid once the business starts to flourish.

Most experts would advise not to pay the down-payment from savings or CPF. However, you should have adequate savings to ensure that the business can be set up quickly and the monthly mortgages can be paid off every now and then in case your running business is unable to generate adequate revenue. Moreover, as the owner of a commercial property in complexes like the Tai Seng Point Singapore, you will be entitled to a number of tax benefits that will help you greatly in regards to your financial situations. You must also remember that the rates of interests charged on loans for commercial properties are much more than those off residential properties.

Hence, you should be prepared to shell out extra money in terms of interest when buying commercial properties in developments like the Tai Seng Point. In this regard, you also need to consider the fact that commercial prices in the city would always have a higher prices tag than residential properties. Hence, you would need to consult a professional property dealer and chalk out your plans according to your needs, requirements and options. This will help you get the best deals.

Inquiry of Facilities Important Before Purchasing Condominiums

The process of purchasing a condominium in the city of Singapore is a complicated process and should be allocated with the necessary time period in order to ensure to obtain the best deals. Moreover, it is also very important to be very careful when conducting the related financial procedures as many people associated with the industry have come up with new ways of scamming property buyers and investors. Hence, it is very important to make sure that all activities involved with the purchase of the residential condominium in the city are carried out in absolute legal methods.

Apart from the legality of the deal and the purchase, it is also important to check the facilities and amenities offered by the condominium complex. This will help you to calculate the proper estimate of the value of the property and ensure that you do not end up paying anything more than what the property is worth. Moreover, it is also important to ensure that you are not burdened with unnecessary accessories that the ones that you absolutely need. After all, you need to understand that the more facilities and amenities that are on offer, the greater will the price of the property be. Moreover, the costs of maintenance would also rise significantly when the number of facilities to maintain goes up.

Hence, it is best to avoid properties where the developers have included certain unnecessary facilities in order to hike the prices of the condominiums.Facilities like swimming pools, playgrounds, parking spaces and gymnasiums are used on a regular basis, and thus, are considered important for every condominium development like the Botanique at Bartley. Moreover, the complex should also have a location that is convenient for travel to important locations of the city like hospitals, shopping centers, etc., and should be connected via. MRT stations, bus interchanges and expressways. Certain additional facilities like spas, theatres, community houses, etc. are a few facilities that are not absolutely necessary for survival in the city.

Hence, it would not really matter if you opt for a condominium near Bartley MRT or any other location that provides the basic facilities, but excludes such extravagant ones. After all, this could help you save plenty of money as the expenses of the construction and maintenance of these unnecessary facilities have to be paid by you. Moreover, it is important for you to focus on the more necessary facilities like the water and electricity supply among others, as these will determine the quality of lifestyle that you live in the city.

Executive Condominiums: The Ideal Homes for Executives

One of the most worrying factors in the life of a professional executive is the home in which he lives with his family. They have to worry about a large number of things before they choose their ideal homes. It is often difficult to find a home that offers equal benefits to them as well as their family members that may include their wives, children and parents. This is primarily owing to the varying needs of different members of the family coupled with the lack of the requisite facilities and amenities in close proximity.

However, with the new executive condominiums (popularly known as ECs) being developed in different areas of the city-state of Singapore, executives will now be able to breathe a sigh of relief. These Housing and Development Board of Singapore have ensured that the locations of the newly developed ECs are close to the business and industrial districts of the city. This will help the professionals to live close to their places of work, thus keeping them away from the long hours of traveling that is required on a daily basis to travel to their offices and back home. Moreover, the shorter distance between the two destinations also means that people will be able to save more money on traveling.

Apart from money, executives will also be able to save valuable time in traveling, and utilize it by spending more time with their family. After all, what could be better than quality time with family to shrug off the weariness and exhaustion accumulated after a day of hard work? Executive condos in the city like the Signature at Yishun also come with a number of exclusively luxurious facilities that can help a person to spend some leisure time with family. These facilities include swimming pools, playgrounds, tennis courts, community halls, etc. Moreover, easy connectivity and access to the popular hot spots in the city also allows these people to make quick getaways to entertainment spots in the city.

One of the most beneficial aspects of executive condos like the Signature at Yishun EC is that they are available at fairly cheap prices. Moreover, a number of easy payment options and financial aids are also available for buyers interested in these types of housing properties. This allows executives to offer good quality homes to their families even within their moderate incomes and budgets. After all, with executive condos, it is all a matter of convenience and a healthy lifestyle.