MCL Land is a leading property group in Singapore. An associate of the Jardine Matheson Group under HongKong Land Holdings, MCL Land has a long history of building quality homes in Singapore and Malaysia over the last 40 years. The developer is a premier and property group that is reputable, equally devoted to growing shareholder value and supplying exceptional customer satisfaction for property Lake Grande CondoContinue reading »
Buying any kind of residential property is probably the most expensive item in our life. Besides the primary needs of ‘Possessing a place called home’ , the two principal questions that probably in the rear of one’s mind are:
1. Should I purchase a BTO, EC or private condomimum unit?
2. Should I Buy an EC – The Criterion EC Now?
Below are my personal humble opinion. Read on and determine for yourself whether you share my ideas and is it the right time to think about purchasing one now.
1. Should I Buy a BTO, EC or Private Condominum?
First thing first, we need to examine the variables which could limit or determine your choice.
Eligibility. The eligibility conditions for BTO and EC are very similar but for the income amount qualification and family scheme. Combined SC singles above 35 years can choose an EC unit, while single SC above 35 years bringing in up to $5,000 per month can opt for a 2 room BTO unit in non-mature estate. If you’re a single below 35 years old, your option is simply limited to the private condominium or the resale marketplace. For private condominum, there’s no eligibility condition, it’s open to anyone that has got the means to buy.
Income Level. Next, your home alternatives may be restricted by the entire gross income. If your own monthly total household income is:
* below $10,000, all 3 options (BTO, EC, private condo) are open
* $10,000 – $12,000, you can just buy an EC or private condominium
* above $12,000, your only option is private condo.
Location. Purchasing property is principally about place plus it still holds true as the most crucial consideration. What is vital to folks when it comes to location varies from buyer to buyer. Some may take a look at surrounding conveniences for transportation and convenience, while for others being near to a table-topping school is very important. So if you prefer a particular place quite definitely, while it is a BTO or EC or private condo project, you’re prone to go for it (subject to your own above eligibilty and income level qualification).
I have collated the conveniences in some of the areas (Sengkang, Woodlands) where ECs in Singapore are found. Trust to cover all the places in the long run.
Budget. Another determining factor will be your budget. You must not overstretch yourself in purchasing a property. Your budget could also restrict your options (BTO, EC or Condo) and also the type of unit alternatives (1, 2, 3, 4 or 5 rooms).