Singapore’s Executive Condominium developments (ECs) are becoming increasingly popular over the years. They combine luxurious living with affordability. Not many Singaporeans are familiar with what executive condominium development is all about, its workings and whether or not it would be a suitable option for them. The purpose of this article is to provide an overview on Executive Condominium developments. You can see Altura EC for more information.
What is Executive Condominium development?
In an Executive Condominium, you will find a blend of private and government housing. They are built in partnership with the Singaporean government by private developers to make affordable housing available for Singaporeans. The government offers land for a reduced rate to developers. These then build and resell the properties. The condominiums have the same specs and are built with the exacting standards of private ones, at a fraction of their cost.
Who is eligible to purchase an executive condominium?
You must meet certain criteria to be eligible for an Executive Condominium. If you want to buy an executive condominium unit, then there are certain criteria that must be met.
Singapore is a country where you can become a citizen.
Age at least 21
Income of the combined household is not greater than $16,000 per year
If you haven’t owned property either locally or internationally in the last thirty months
If you haven’t bought any HDB flats or EC apartments before
What are the restrictions on purchasing an Executive Condominium unit?
Certain restrictions apply to the ownership of Executive Condominium units. It is prohibited to rent or sell the Executive Condominium unit during its initial ownership period. This usually lasts five years. After the initial five year period, Singaporeans and permanent residents can buy or rent out their unit.
What Are The Advantages Of Executive Condominium Developments
Its affordability is one of the most important advantages that Executive Condominiums offer. As Executive Condominium prices are typically 20-30% below those of similar-sized private condominiums, they make a good option for middle-class households who desire luxury living.
Executive Condominium developments are not only affordable but also offer facilities and amenities on par with private condominiums. These amenities include, swimming pools and gyms.