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buying ec singapore

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buying ec singapore

Postby singapore-ec » Wed, 15 Apr 2015 5:15 pm

We are an Indian couple and have been living in Singapore for more than 3 years. We are planning to buy 2/3 room apartment here. As we are not PR (never applied), we can only buy 10 year old ECs. Our budget is 600K to 700k with Initial down payment of 300K to 350K. (Dont wish to transfer money from outside Singapore)

Anyone has brought EC recently. Would like to know their experience such as how to approach agents, process of getting bank loans, etc

Thanks

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Re: buying ec singapore

Postby Wd40 » Wed, 15 Apr 2015 5:28 pm

You accumulated 350K in 3 years in Singapore? Good job man!

Let me know if you find any ECs at that price. From what I know ECs after 10 years are as pricey as private condos. Melville park is one of the cheapest 2Br condo that I know off that is advertised at 800K you will probably get it for 700k after negotiation.

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Re: buying ec singapore

Postby singapore-ec » Wed, 15 Apr 2015 6:10 pm

Initially we are considering condo but after viewing couple (the new one in St. Michael’s Road & one old condo near Crawford Lane) of condos, we dropped the idea. For us, it’s not value for our money (1 Small bed room+ some space for 700K).

3 year 350K is not tough if you plan well…. It’s not my savings, it’s our savings :-)

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Re: buying ec singapore

Postby Wd40 » Thu, 16 Apr 2015 8:48 am

If you looking for something that close to the city, its going to be expensive, regardless of whether it is condo, ec or even hdb.



You can look at something in siglap area like the bayshore. It's a nice area, I really like that place.

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Re: buying ec singapore

Postby PNGMK » Thu, 16 Apr 2015 7:30 pm

I didn't think non PR/SC could buy EC at all? Aren't they built with HDB subsidy?
I have gay, black, Asian friends and then JR8.

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Re: buying ec singapore

Postby Wd40 » Thu, 16 Apr 2015 7:42 pm

Once EC is more than 10 yrs old it becomes same as a private condo and can be sold to foreigners.

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Re: buying ec singapore

Postby PNGMK » Fri, 17 Apr 2015 7:34 am

Wd40 wrote:Once EC is more than 10 yrs old it becomes same as a private condo and can be sold to foreigners.



Thanks. Amazing. The TRE brigade must froth at the mouth at that one.
I have gay, black, Asian friends and then JR8.

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Re: buying ec singapore

Postby Wd40 » Fri, 17 Apr 2015 8:37 am

There don't seem to be too many ECs that have completed 10years.

Here is the list, compiled be someone.

http://www.teoalida.com/singapore/eclis ... tcher=true

Looking at that list, I am pretty sure there cheaper condos than those.

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Re: buying ec singapore

Postby Barnsley » Fri, 17 Apr 2015 9:48 am

PNGMK wrote:
Wd40 wrote:Once EC is more than 10 yrs old it becomes same as a private condo and can be sold to foreigners.



Thanks. Amazing. The TRE brigade must froth at the mouth at that one.


I doubt it as they are the ones who probably feel that they are gonna be making the killing. :-" :-"

If its good for the pocket , who cares about principles right?
Life is short, paddle harder!!

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Re: buying ec singapore

Postby x9200 » Fri, 17 Apr 2015 10:52 am

PNGMK wrote:
Wd40 wrote:Once EC is more than 10 yrs old it becomes same as a private condo and can be sold to foreigners.



Thanks. Amazing. The TRE brigade must froth at the mouth at that one.

I lived in such a condo and I would never buy anything there (at least for a regular price). The quality, I mean materials including walls and fixtures, was very inferior to anything else I lived in before and after.
Typically ECs are cheaper and not that well regarded by the locals as the regular condos.

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Re: buying ec singapore

Postby Wd40 » Fri, 17 Apr 2015 11:07 am

x9200 wrote:
PNGMK wrote:
Wd40 wrote:Once EC is more than 10 yrs old it becomes same as a private condo and can be sold to foreigners.



Thanks. Amazing. The TRE brigade must froth at the mouth at that one.

I lived in such a condo and I would never buy anything there (at least for a regular price). The quality, I mean materials including walls and fixtures, was very inferior to anything else I lived in before and after.
Typically ECs are cheaper and not that well regarded by the locals as the regular condos.



Are you a condo owner or still renting? I am getting to the point where every extra year that I rent, its going to hurt me.

I have blown away about 120k in rental in the last 6 years. I didn't think initially when I got here I will stay here this long. :(

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Re: buying ec singapore

Postby Barnsley » Fri, 17 Apr 2015 11:27 am

Wd40 wrote:Are you a condo owner or still renting? I am getting to the point where every extra year that I rent, its going to hurt me.

I have blown away about 120k in rental in the last 6 years. I didn't think initially when I got here I will stay here this long. :(


So you haven't saved anything at all whilst being here?

Would you have been better off if you had stayed in India rather than living in Singapore for the past 6 years?
Life is short, paddle harder!!

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Re: buying ec singapore

Postby x9200 » Fri, 17 Apr 2015 11:45 am

Wd40 wrote:Are you a condo owner or still renting? I am getting to the point where every extra year that I rent, its going to hurt me.

I have blown away about 120k in rental in the last 6 years. I didn't think initially when I got here I will stay here this long. :(

Still renting. First the prices were too high, now when it's getting better we can not buy for personal reasons.

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Re: buying ec singapore

Postby Wd40 » Fri, 17 Apr 2015 11:48 am

Barnsley wrote:
Wd40 wrote:Are you a condo owner or still renting? I am getting to the point where every extra year that I rent, its going to hurt me.

I have blown away about 120k in rental in the last 6 years. I didn't think initially when I got here I will stay here this long. :(


So you haven't saved anything at all whilst being here?

Would you have been better off if you had stayed in India rather than living in Singapore for the past 6 years?


I have saved(actually grown, is the right word as I kept remitting to India for higher returns) about thrice that amount and you are right I am much better off here than India. But still the fact remains that 6 years of rent paid is wasted.

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Re: buying ec singapore

Postby Barnsley » Fri, 17 Apr 2015 11:58 am

Wd40 wrote:
Barnsley wrote:
Wd40 wrote:Are you a condo owner or still renting? I am getting to the point where every extra year that I rent, its going to hurt me.

I have blown away about 120k in rental in the last 6 years. I didn't think initially when I got here I will stay here this long. :(


So you haven't saved anything at all whilst being here?

Would you have been better off if you had stayed in India rather than living in Singapore for the past 6 years?


I have saved(actually grown, is the right word as I kept remitting to India for higher returns) about thrice that amount and you are right I am much better off here than India. But still the fact remains that 6 years of rent paid is wasted.


If you are better off then clearly its not wasted ......

Is all money you spend that is not on "assets" wasted?
Life is short, paddle harder!!


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