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Upgrade to EC

Starhub

By Starhub,
in Lite & EZ

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Starhub

Starhub

Neutral Newbie

Bros,

 

Need some advice from your guys, I intend to upgrade my current flat to EC. There are also many new EC and not sure which one is better, also I miss some registration when I call up. There is this EC with sea view, but the place is far away in Pasir Ris. With sea view, quite appealing leh. If your work place in the west and currently also staying in the west too, would you buy a EC with sea view far away in the East?? [:(]

 

Also I am 2 months away to MOP, the person say can appeal but I thought that HDB is very strict, can appeal har?

 

Thanks in advance.

 

 

 

 

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Felipe

Felipe

3rd Gear

try the woodlands ones. personally, i won't trade distance for some sea view, esp so far some more. our sea view is not like monte carlo anyway.

 

call hdb ask is best whether can appeal or not

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Little_prince

Little_prince

Supersonic

btw the EC i am talking about is Sea Horizon, the pictures from the website very siu ... :D

 

http://www.newproperty.sg/seahorizon

http://www.newproperty.sg/seahorizon#locationmap

 

If [drivingcar] from East to West ... time, traffic and higher petrol cost [smallcry] ... headache ...

all the sea facing units probably already pre booked.

 

doubt you can get it.

 

but other than that, pasir ris is a nice place.

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Ooosh

Ooosh

1st Gear

Just get the unit you like. At the end of the day, the house is yours to enjoy and spend with yr loved ones. Distance to travel no issues lah...Singapore how far only....one end to the other is only 45km....

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Ronleo

Ronleo

6th Gear

With ec costing near to 1m with stamp duty..how to afford

 

Erm... MCF alot of elites... Top notch table wiper earn $20k/mth....

 

 

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Berncsp76

Berncsp76

6th Gear

able to appeal since only two months to MOP.

 

New developments sure nice and a good change of environment...But need to factor in the inconvenience both you and your family members (job / school / parents visiting / friends etc) when you move from west to east.

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WoShiNewbie

WoShiNewbie

1st Gear

Bro,

 

Honestly speaking, if you can afford an EC. I would suggest you get a condo better since prices between a private condo and EC are so close nowadays. With regards to appealing to HDB for early termination of MOP, I would say the success rate is not high based on my past experiences. But of course, there's no harm trying. Please do not commit anything before you gotten approval from HDB.

 

Let me share my knowledge with you on the differences between EC n Condo:

 

1) EC falls under the MOP ruling and MOP starts only from the day you gotten your keys and moved in. Assuming MOP is 5yrs plus construction of EC is 3yrs, after 8yrs from now then you can sell your EC and only to SCs & PRs. Anytime within that 8yrs, no way you can sell your unit to anyone. Privatisation usually happens on the 10th yr mark of ownership which means you can now sell to foreigners as well but effectively is 13yrs from now. ECs' prices generally rise slower than private condos during the initial 10yrs of ownership due to the many rules n regulations governing it but of course location plays an impt part as well.

 

2) Condo doesn't have any MOP ruling but subjected to the current Seller Stamp Duty Scheme (SSD). Basically its a measure to stabilise the property mkt and prevent property investors from selling their units in short time frame after purchase. Sale of your condo within 1st yr of ownership will result in a SSD of 16% based on your selling price, 2nd yr 12%, 3rd yr 8%, 4th yr 4% and 5th yr FREE from all stamp duties. But the good thing is the clock starts clicking immediately after you go down to the law firm to pay up the remaining 15% downpayment, assuming 5% booking fee for your dream unit and 80% housing loan. After 3yrs of construction, you just need to stay in for another 1yr to enjoy all the facilities or even tenant it out and you will be ready to sell your unit anytime when the mkt is right for you.

 

ECs are mainly for sandwiched classes, people who exceeded the income ceiling for BTOs but can't afford Condos. Ultimately, everything boils down to your affordability. Hope what I have said helps. CHEERS! ^_^

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Zze121

Zze121

3rd Gear

By the time the EC TOP how is the sale market? A market correction may see a drop in valuation.

Loan amount n interest may increase by then, gotta buffer for higher loan.

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Vinepro

Vinepro

Clutched

I'm in dilemma too! I've a HDB that's 7 mins away from Pasir Ris MRT, should I upgrade to that EC facing the sea or keep for future rental yield.

 

Always wanted a better lifestyle upgrade for my family.

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Hosaybo

Hosaybo

6th Gear

Lifestyle could be base on the very fact that you have finish your loan on your hdb and have the extra money to spend without much worry. Not commit to another loan till your retirement age.

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