Upgrading from an HDB to an New Launch Executive Condominium (EC) or a MOP EC?
After the Minimum Occupation Period (MOP) of your HDB flat has ended, the options after HDB MOP you may be considering from hdb upgrade to EC
Today we will touch on
considering between MOP EC or New launch ec
Both provide the allure of private property ownership without breaking the bank, but there are some eligibility requirements that must be met.
Here's a side-by-side comparison of the two options after HDB mop to help you decide which is best for you.
#1 we will need to talk about the strict criteria of executive condo
To purchase an new executive condo singapore, you must meet certain eligibility requirements, such as being a Singaporean citizen or permanent resident and having a certain monthly household income ceiling. A MOP EC, on the other hand, can be purchased after the development's 5-year Minimum Occupation Period (MOP), with no restrictions on citizenship or income.
#2 The attractive price point
ECs are typically less expensive than new launch condo singapore, and prices are set by the developer at the time of launch. MOP ECs may be less expensive than new launch ECs because they can be purchased on the resale market after the MOP. Both ECs and MOP ECs can be financed through a bank loan, with a maximum loan tenure of 25 years.
#3 The luxury facilities, an upgrade of lifestyle
Swimming pools, tennis courts, and gyms are common features of ECs that are not found in HDBs. MOP ECs may also have a good range of amenities because they were designed for private condominium living.
#4 The convenient location
ECs are typically located in less mature estates with good transportation access to nearby amenities. Depending on the location of the development, MOP ECs can be found in both mature and non-mature estates.
#5 Restrictions on resale
Both ECs and MOP ECs have resale restrictions in the first few years of ownership to prevent speculation and ensure that the property is purchased for owner-occupation. After the 5-year MOP, ECs can only be sold to Singaporeans or permanent residents, and to foreigners after the 10-year privatisation period. MOP ECs, on the other hand, can be sold to anyone after a 5-year MOP and are fully privatised after a 10-year period.
if you are looking for a more affordable private property option and meet the eligibility requirements, an new executive condo singapore may be a good option for you. However, if you are willing to wait a few more years, a MOP EC may be a more flexible option, as there are no restrictions on citizenship or income, and you can buy it on the secondary market. Finally, the decision is determined by your personal circumstances and preferences.
A breakdown table:
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JJ Wong is the founder of MOPUpgraders.sg and has been a Property Wealth Planner in the real estate market for the past 6 years. He has helped many clients achieve their aspirations with the right financial planning and sound timeline planning. He is the man behind upgrading case studies of those who are holding on property under 10 years.