Executive condominiums (EC) are hybrid residential properties designed to give middle-income Singaporeans a private residence. Constructed by private developers on land parcels sold from the government, ECs must abide by HDB rules for at least the first ten years, including restrictions on renting out or selling.
Marine Parade is an intimate coastal neighbourhood known for its proximity to East Coast Park. Residents here enjoy incredible sea views from their apartments, making the beach walkable in minutes. Furthermore, this community offers rich cultural traditions through Peranakan-style shop houses and delicious eateries that line its streets.
Executive condominiums (EC) in Singapore provide an innovative mix of private and public housing. An EC is an affordable solution for HDB upgraders seeking private condo ownership but cannot afford landed property ownership, and typically provide greater capital appreciation once privatised after 10 years, making them a worthy investment opportunity.
Marine Parade offers residents looking for executive condos a seamless transport network that connects it to various parts of Singapore via several modes of transport, with three MRT stations (Marine Terrace TE27 due 2023, Siglap MRT Station and Kembangan MRT Station being within a short distance) as well as bus services that operate throughout Marine Parade providing convenient means of travel around town.
Marine Parade, situated on Singapore’s east coast, is an idyllic beachfront neighbourhood known for being home to one of its country’s most beloved seaside parks and boasting pristine beaches as well as an assortment of restaurants that provide residents with an idyllic blend of convenience, leisure, and natural beauty.
Attractions to this area include not only its vibrant town center with a seven-storey shopping mall and food court, but also parks, libraries, schools, healthcare centers, recreational activities like Chinese Swimming Club or Tanah Merah Country Club as well as recreational services for healthcare needs.
Marine Blue’s prime location makes it one of the best choices on Singapore Island for connectivity purposes; when an MRT station opens just across the road, this will further increase its attractiveness. Meanwhile, several bus services operate around this neighborhood such as Changi Express and FairPrice Finest bus services.
3. Value for money
Home buyers will recognize the value of an EC as it provides all the amenities of a private condo while being typically cheaper and qualifying them for CPF housing grants. But you should keep certain drawbacks in mind as well.
At first, a newly purchased EC must satisfy its Minimum Occupancy Period (MOP) before it can be resold on the open market – this may take three to five years and means spending at least some additional years living there before any returns can be realized on your investment.
Although ECs do present some drawbacks, when chosen carefully they still offer great value for the money spent. Sembawang’s Skypark stands out as an affordable EC: its three-bedders are approximately 1,141 sq ft in size and can transact for as little as $1.4 million while five-bedroom maisonettes that almost cover an entire five room flat can also be acquired for under $2 million making this one of the most cost-effective investments of 2023.
Marine Parade is one of Singapore’s most beloved neighbourhoods, boasting one of its crowning gems – East Coast Park. At 15 kilometers in length, East Coast Park’s beach provides ample opportunity for strolling, sunbathing and enjoying seaside cocktails or meals.
ECs provide an affordable option for Singapore residents looking for amenities and convenience of private condominium living without breaking their budget. First-time EC buyers may even qualify for a CPF grant that significantly lowers their purchase price.
Marine Parade will soon see the launch of 10 new condos and ECs that may entice upgraders who missed out on recent non-landed property price spikes, like Versilia On Haig EC which offers spacious three and four bedroom units ranging in built-up area from 1,130 square feet up to 2,293 square feet with easy access to Canberra MRT Station served by North-South Line trains.