February 24, 2024

Difference in Executive Condo and Private Condo Prices Brings Spotlight

When comparing the price of private and executive condominiums, one needs to consider several factors. These factors include the price per square foot, income limit, rent-out options and CPF Housing Grants. If you want to find out if an executive condo is for you, read on!

To qualify for an executive condo, you must earn below a certain income limit. For example, if you make S$16,000 per month, then you are not eligible for executive condos. In addition, you cannot co-own a property and the co-applicant cannot earn more than that as well. However, if both co-applicants earn more than S$16,000 per month, they can combine their funds to make up the remaining 20% downpayment.

While private condos are considered HDB properties for the first 10 years, executive condominiums are built by private real estate developers. The government subsidises the price of executive condos and allows the use of some CPF housing grants. In addition, the income limit is higher for ECs.

However, you may be able to buy an executive condo if you have a combined income of S$16,000. Nevertheless, you must be a Singaporean citizen and over 21 years of age to qualify for ECs. If you are not a Singaporean citizen, you are eligible for an EC only if you are married or living with someone else who is.

While it may be tempting to rent out your private or executive condo, it’s also a good idea to keep a few things in mind before renting out your unit. First, make sure you’re comfortable with the financial responsibilities involved. If you’re looking for convenience and a simple rental contract, an apartment may be a better option. However, if you’re looking for a more personalized experience, modern amenities, and a responsive landlord, a condo may be the perfect solution for you.

Renting out your executive condo may be a great way to earn some extra cash. These units are owned by individual landlords, so you’re less likely to find them through online rental listings. You may have to hire a leasing agent to find a tenant. Despite the extra work and cost, you can use traditional money-saving strategies to make the rent more affordable. For example, you may be able to share the space with a roommate, which can save you up to 50%. In addition, you should look for any adverts for move-in specials, which may include reduced rent or waived application fees.

While you may have to pay higher rent for a private condo, you may find that the owner is more flexible when it comes to renting out their unit. They may not be looking to turn a profit, but simply want to cover their expenses. Alternatively, they may be looking to sell their property and move to a larger space, such as a single-family home.

If you’re planning to buy a private condominium or an executive condo, you might want to find out whether you qualify for the CPF Housing Grant. These grants are offered to Singapore Citizens and Permanent Residents who own ECs. The grant is available only for the balance of the downpayment and subsequent payments.

The Enhanced CPF Housing Grant is designed to make it easier for lower-to-middle-class Singaporeans to afford a home. Unlike the standard CPF Housing Grant, it’s applicable to all HDB flats, regardless of estate or size. This grant is also available to Singaporean couples earning a monthly income of $9,000 or less. This income limit is determined based on the average household income for the last 12 months. You must be a Singapore citizen to qualify for this grant.

Second-timer families who are renting out their existing flats are eligible for Step-Up CPF Housing Grant. This grant is applicable to HDB 2-room flats and 3-room private conds. You must be working and have at least a year’s lease remaining before applying for the grant. You must also not have any overseas properties, and you must sell them 30 months prior to applying for the new flat.…

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Park View Mansions to Relaunch Enbloc Attempt Yuan Ching Road

The relaunch price has dropped by 22 per cent from the original price. It is now expected to sell for S$1,023 psf ppr, according to ERA Realty’s valuation. The new relaunch price is a good opportunity for developers to replenish their land bank.

Park View Mansions

Developers in Singapore are stepping up their land banking efforts via the collective sales market. This is evident in the recent acquisition of Park View Mansions, which is situated in the Jurong Lake District for $260 million. The property is subject to a 99-year lease that started on October 1, 1976. Developers ERA Realty, CEL Development, and TK 189 Development, a partnership firm of KSH Holdings, were successful in winning the tender. Each developer will hold a 40% stake in the property. The joint tender fee was $100,000.

The relaunched enbloc attempt for Park View Mansions comes at a time when the residential market is experiencing a slowdown. Recent cooling measures have led to a widening of the price gap between the reserve price of a unit and the price developers are willing to pay for it. Meanwhile, unsold inventory has dwindled.

Redevelopment plans for Park View Mansions

One of the latest enblocs to go up for collective sale is the Park View Mansions at Yuan Ching Road. With a permissible plot ratio of 2.1 and a total land area of 17,834 square metres, the development has a large potential for development. Developers are expected to raise at least $320 million from the collective sale, which would be sufficient to fund land intensification and a 99-year lease for each unit.

Three Singapore developers are stepping up their land banking activities in the collective sale market. The trio of developers have acquired the Park View Mansions at Yuan Ching Road for $260 million. But the project is still far from being completed and the redevelopment process is expected to take a number of years. The project is also expected to face challenges, namely higher costs, labour shortage and supply disruptions, macroeconomic uncertainties and a spike in interest rates. To overcome these difficulties, it will be prudent to collaborate with suitable partners.

Price of Park View Mansions

The price of Park View Mansions is going down. The property was originally put up for collective sale for $320 million in March 2018, but the price was subsequently revised downwards to $250 million. The property is on a 191,974 sq ft plot and is slated to yield 440 units. Park View Mansions is part of the Jurong Lake District, which is slated to become the country’s largest business district outside the CBD. It also boasts an integrated tourism development next to the Jurong Lake, which will be completed in 2022.

The joint venture that bought the Park View Mansions will be developing the estate with 440 units. The sale price is estimated at S$1,023 psf ppr, and is subject to planning permission from the Urban Redevelopment Authority and JTC. The property has been under a 99-year lease since October 1, 1976.

Location of Park View Mansions

The owners of Park View Mansions have made an impressive announcement. The three developers have bought the enbloc site for S$260 million, intending to transform it into a residential project. As part of the agreement, they will assume the 99-year leasehold property. In addition, they will work with KSH Holdings to ensure that the project remains in Singapore. This news is good news for the enbloc market. Currently, there are at least 10 enbloc developments in Singapore, with a median price of S$1,023 per square foot. A string of successful tenders has resulted in an increased demand for the enbloc market.

Park View Mansions’ relaunched collective sale tender was won by a joint venture. The buyers will each hold a 40 percent share of the development. The joint venture will spend the remaining funds to develop the site. The development will be located near the Jurong Lake District and Lakeside MRT station. The site is zoned for residential Hillhaven Condo use and is expected to have gross floor areas of up to 403,145 square feet.…

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