Sol Acres – Executive Condo at affordable BTO prices
Millennials looking to get married would usually apply for a BTO. But let’s all agree – somewhat begrudgingly – that it’d be nice if our dream home came with some cool facilities too. Better yet, if we’re not overrun with debt when we get it. For newlyweds out there looking to BTO, try thinking a little out of the (balloting) box – consider an Executive Condo (ECs) that give you the best of condo life without exceeding your budget.
Here’s the math: Couples, if you make a minimum monthly salary of $2.3K* each, and have at least 2 years of CPF accumulated under your belt, it’s possible for you to own an EC real soon. Here’s how you can have your cake and eat it too at Sol Acres.
*Refer to point 2 for in-depth calculations.
Also, check out other house-hunting resources:
- Tips for buying a condo in Singapore
- Tips for buying a resale flat in Singapore
- How to buy a HDB BTO in Singapore
1. Enjoy the condo lifestyle at BTO prices
The 1-bedroom Sol Acres EC (495 sq ft) is priced from just $370K* onwards, comparable to that of the BTOs and perfect for budget-conscious couples.
One big question, though – what about space? Honestly, for newlyweds, two-thirds of BTO flats often end up becoming store rooms, which is rather a waste. If you want to avoid the hoarder mentality, why not try the “less is more” approach and go minimalist with a cosier space.
Besides, you wouldn’t need huge spaces at home to host guests as Sol Acres’ many clubhouses and dining pavilions means you can easily entertain outside of home.
View of the spa pool and the poolside decks. Image credit: Sol Acres
Besides those spaces, perks like well-equipped gyms, 2 tennis courts and 3 sprawling swimming pools round up that #condolife. To up the ante, there’s even a gourmet chef terrace where you can throw al fresco dining parties, and a yoga pavilion to get your om on.
It won’t cost you a bomb, either. All you need to pay are monthly maintenance fees that start from a reasonable $180* to enjoy the full slew of facilities.
**Accurate at time of writing. Subject to authorities’ approval.
2. Get CPF housing grants of up to $30K
Housing grants aren’t just exclusively for HDB buyers; EC buyers are eligible too! For first timers, if your average gross monthly combined income is $10K or lower, you’re entitled to up to $30K in CPF housing grants.
CPF and bank loan jargon can be frustrating and confusing to weave through, so here’s a breakdown of what you’ll have to fork out for a 1-bedroom Sol Acres EC:
Booking fee is to be paid in cash, while the next 15% payment can be paid in cash and/or CPF.
*Monthly installment for the next 30 years is calculated from Property Guru’s mortgage repayment calculator as of August 2017.
Based on the above table, the minimum combined income to sustain the loan is divided between the couple: $4,430/2 = $2,215, rounded up to $2.3K. This means that all you need is a salary of at least $2.3K if both of you guys are working!
And we did the math, you just need to work at least 2 years** to accumulate the above $25.5K of combined CPF!
**Based on calculations here.
3. No balloting or long wait to get your keys
Singaporeans queue regularly for anything and everything. When it comes to your home though, no one wants to wait, especially for up to 2.5-3 years for some BTOs.
A relief for kan-cheong buyers – the waiting period for ECs isn’t as long. “Getting your keys” in HDB terms is similar to ECs’ “Temporary Occupation Permit’ (TOP)”. And so once an EC gets its TOP, buyers can immediately move in.
Bonus: Remember the sinking feeling when you found out your ballot fell through for BTO? None of that here with zero balloting for ECs.
4. Spend next to nothing on renovation costs
Everyone wants beautiful homes but the downside is that renovation costs can be hefty – nearly $50K if you’re staring at a bare house. So, you’ll be excited to hear that a regular 1-bedroom unit in Sol Acres comes with a fully-equipped kitchen, a fully-fitted bathroom and air-con.
The fully-equipped kitchen comes with cooker hood, hob, oven, refrigerator and washer cum dryer!
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If you’re not sure where to start your renovation, opt for the interior design package at a subsidised price – get your home fully furnished before even getting your keys! Renovations easily hit $50K if you were to hire any company, so this is a huge money-saving and convenient deal for couples.
You can choose between 2 colour schemes, and these are the items that will be included:
Curtains | TV Console | Sofa | Wall mounted shelves | Dining table and chairs | Rugs | Cabinets | Ceiling fan | Feature wall in Master bedroom | Queen-sized storage bed with headboard | Side tables | Table lamps | Lightings
Get these space-saving roll-out tables with the Interior Design package!
Another space-saving item included in the package: a storage compartment beneath the bed!
5. Use it as an investment and reap profits 5 years later
Most people buy houses for the sole purpose of living there, but why not get a little more business-savvy and use it as an investment?
ECs tend to appreciate in value after the mandatory 5 years of occupation (MOP), i.e. when it can be put on sale. After the MOP, you can sell it to Singaporeans and PRs. And after 10 years, you can sell it to foreigners.
It’s probably going to be a profitable deal, too. ECs are usually sold 18% cheaper than regular condos* but after the MOP, the difference in selling price narrows to around 9%. What’s more, there are limited 1-bedroom and 1 + study units in Sol Acres, which means lesser competition for resale!
*Stats and information are based on data here.
6. It’s located right beside the upcoming Jurong Lake District
West-siders, rejoice, because the upcoming Jurong Lake District (JLD) is poised to give Singapore’s CBD a run for its money.
And Sol Acres is right in the middle of the action. Malls such as JEM, Westgate and JCube are just a 15-minute drive away – so you don’t have to mill around with the crowds on Orchard Road when the shopping bug bites or hunger pangs strike.
Get your Jap cravings sated at En Sakaba, JEM.
Even if you don’t have a car or want to take a break from the wheel, public transport here is a breeze. Within a 5-minute walk are not 1, but 2 LRT stations – Teck Whye and Keat Hong. These connect to Choa Chu Kang and Bukit Panjang MRT, and a free shuttle bus goes from the EC to Jurong East MRT station* too.
*One year from T.O.P, T&Cs apply.
An executive condos might just be the option for you with Sol Acres
Putting all your eggs in one basket is never a good idea. So if purchasing something other than a BTO has been hovering at the back of your mind, there’s always the textbook method of satisfying your intrigue – checking out this EC yourself.
Even if you’re going out of curiosity, there’s no harm in keeping your options open and understand what you truly need in this new chapter of life. Why, you might find yourself the proud owner of a lovely new home!
Sol Acres executive condo
Address: 2 Choa Chu Kang Grove, Singapore 688238
Sol Acres website
Update: All units have since been sold out.
This post was brought to you by Sol Acres. First published in 2018, last updated in 2020.