Why Should I Buy an Executive Condo in Mohammed Sultan Singapore?
Singapore homebuyers frequently opt for executive condominiums (EC) as an attractive housing solution that combines affordability and amenities.
However, ECs contain certain restrictions aimed at protecting residents’ investments; such as limitations on reselling and subletting. These safeguards aim to ensure their investment.
This article will help you decide if an EC property is right for you by reviewing eligibility requirements, salary ceilings and CPF housing grants.
1. Lower Upfront Costs
Imagine Aladdin’s magic lamp and extend its spout slightly upward – that would approximate the area where new condos are popping up in Mohammed Sultan Singapore.
Hill House in District 9 is an example of an intimate and quiet boutique condo, within walking distance to Great World City and not too far away from Sengkang MRT station. Vales EC in Sengkang offers new-launch apartments which are conveniently close to Compass Point Mall – another ideal example.
If your budget is limited, older flats built more than eight years ago could also be considered; prices for 3-bedrm HDB flats typically start around $2,500 monthly in outlying districts.
These new ECs in Sengkang are situated near key amenities, including Compass Point mall, Sengkang MRT station and Nan Chiau Primary School – making them convenient choices for both staff and patients of the future hospital. One such EC in particular – Vales in Sengkang – stands directly across from it making it an excellent option.
8 Saint Thomas Condo in Amber Road offers another outstanding example of an ideal location for an executive condominium development. Situated in District 9, with good transportation links into both city centre and Changi Airport, 8 Saint Thomas Condo provides residents with easy living.
Mohamed Sultan, Boat Quay and Clarke Quay offer vibrant nightlife scenes just a short taxi ride away, while it is within walking distance to UE Square shopping mall and Liang Court – not forgetting numerous restaurants and pubs to satisfy every palate in the vicinity.
3. Potential for Appreciation
Executive condos have historically experienced the highest capital appreciation among residential properties. Expats also find them popular choices because of their convenient locations near Shenton Business Hub, Singapore River and Mohammed Sultan Road. Vales EC in particular will likely see high demand among hospital staff members; register your interest here so we can keep you up-to-date on floor plans and registration dates!
4. Shorter Lease Period
Condominium lease periods tend to be shorter, making them an attractive option for expats looking to return home after an extended stay abroad.
Condos provide ideal living solutions for young couples and families. 23 Mohamed Sultan Road is an example of such an accommodation; its convenient location puts schools such as The Nutrition Place and Livingseas Asia within close range, along with shops such as UE Shopping Centre and Clark Quay.
River Place, situated along Singapore River, is another popular option. Offering resort-like atmosphere and easily accessible by MRT station (Clark Quay MRT station is only minutes away), River Place also makes an excellent alternative to Raffles Place for residents who seek a short bus ride between them both.
5. Restrictions on Resale and Subletting
Prioritize affordability when looking for an EC. A purchase should only make sense if it fits within your budget, including both upfront costs and annual maintenance fees.
If your household income exceeds the prevailing $16,000 limit, you are ineligible to purchase an EC and cannot rent out during its Minimum Occupancy Period.
Also, to prevent owners from engaging in speculation on property, CPF Housing Grant applications cannot be submitted if any other properties (BTOs and DBSSs) or properties disposed of within 30 months have been owned by you or owned and sold within this time. Furthermore, executive condos cannot be used commercially due to risking losing deposits.