EC New Launch 2023 Singapore
In this article, we will talk about a few 2023 new launch EC in Singapore. Before that, let’s understand what does EC mean in Singapore.
What is an EC in Singapore
Executive Condominiums (EC) is a type of housing in Singapore that is designed to cater to the needs of the “sandwiched class” – people who earn too much to qualify for public housing, but not enough to afford private condominiums. ECs are built and developed by private developers, but with government subsidies and regulations in place to ensure affordability and accessibility for eligible Singaporean buyers.
They are typically priced at a 20-30% discount compared to private condominiums and come with a range of amenities and facilities, such as swimming pools, gyms, and playgrounds. ECs also have a minimum occupation period (MOP) of five years, during which they can only be sold to Singaporeans and Permanent Residents. After the MOP, ECs can be sold to foreigners and are fully privatised.
You can read more about buying a new EC in Singapore.
New Launch EC in 2023
Although the majority of Singaporeans can get their hands on HDB BTO flats, not everyone is able to take advantage of this type of home ownership. Those with higher incomes are not allowed to participate in the BTO launches. This means that they will either end up with second-hand or expensive private developments that are out of their budget. To address the needs of this growing segment of the population, the government launched executive condominiums in 1996.
ECs are mid-range housing units that are half between private developments and public flats. These are also in high demand due to the high prices that these types of properties usually experience after being privatised. In 2023, the popular projects that has caught the attention of potential homeowners are the ECs at West Avenue in Bukit Batok. Below are a list of new launch EC in 2023 at Bukit Batok.
One of the only two ECs launched in Singapore in 2023 was the Bukit Batok Ave 5 EC. This area is ideal for people who are looking to reside in a central part of the city-state. It’s near the North South Line’s station and the New Tengah District’s various attractions. This makes it an easy commute for residents to other areas of Singapore.
One of the most important advantages of living near a school is that it will allow you to save time on travel. It will also allow you to spend more time with your children and work on other productive pursuits. You don’t need to go far to get food and groceries as you can easily reach nearby shopping malls. In addition, there are plenty of facilities nearby that you can access. One of the best features about living in Bukit Batok West is that it offers a home-like environment with a community.
Residents of New EC can easily access the various services and goods that are available at the nearby shopping mall known as the “Bub Batok West”. It is situated at the intersection of Avenue 8 and West Avenue 6. There are also various eating establishments inside the mall. Residents can also get their fresh vegetables and meat from the marketplace.
The West Mall is a great place for shopping and eating in the Town Centre. Some of the schools near New EC’s West Avenue 8 development are Yuhua Primary School, Dazhong Primary School, Princess Elizabeth Primary School, and Jurong Primary School. Other schools that are nearby include Hillgrove, Shuqun Secondary School, and Dunearn.
Update: The new EC at Bukit Batok Ave 8 is called Altura EC.
Senja Close EC is located in Bukit Panjang, Singapore. The exact address is 11 Senja Close, Singapore 678872. It is located near the Bukit Panjang MRT Station and the Segar LRT Station. The development is also close to several shopping malls, including Lot One and Bukit Panjang Plaza.
The Senja Close EC site is on the reserve list of the Government Land Sales (GLS) programme for the second half of 2022. This means that the site will only be put up for tender if a developer indicates a minimum price that is accepted by the government. The site has a gross floor area of 1.02 hectares and is expected to yield about 300 residential units.
The Senja Close EC is a 99-year leasehold development. It is expected to be completed in 2026.
What is the Citizen Top-Up Grant for an Executive Condominium (EC) in Singapore?
The Citizen Top-Up Grant is a housing subsidy for Singapore Citizen (SC)/ Singapore Permanent Resident (SPR) households who have taken a housing subsidy when purchasing an EC unit from a property developer. The grant amount is $10,000 and can be applied for when the SPR family member obtains Singapore citizenship or when the household has an SC child.
What is the minimum occupation period (MOP) for an EC unit in Singapore?
The MOP for an EC unit in Singapore is 5 years. During this period, the buyer must occupy the EC unit and cannot sell or rent it out. Essential occupiers who form a family nucleus with the buyer must also continue to be listed in the application and live in the EC unit during the MOP. After the MOP, the EC unit can be sold on the open market or rented out.
Can you rent out an EC unit in Singapore during the MOP?
Renting out the whole EC unit within the 5-year MOP is not allowed. However, you do not need prior approval from HDB to rent out the bedrooms in your EC unit within the MOP. You must register the renting out of bedrooms with HDB within 7 days of doing so and notify HDB when you renew or terminate the renting out of bedrooms or when there are changes to your tenants’ particulars.
What is the wait-out period for buying another property after disposing of an EC unit in Singapore?
If you dispose of your EC unit on the open market, you must meet a 30-month wait-out period before you may apply to buy another subsidised flat from HDB or take over ownership of another subsidised HDB flat. If you choose to buy a resale flat or private residential property, there is no wait-out period.