Executive condominiums have become increasingly popular in Singapore. These condos offer an affordable and exclusive housing solution. ECs provide a unique blend of affordability and exclusivity for homebuyers. The concept of executive condos will be discussed in depth, as well their eligibility criteria, benefits, and overall purchasing process. Visit Altura EC price before reading this.
Understanding Executive Condominiums
In the 1990s executive condos were created to address the housing demands of households in “the sandwich” class, i.e. those who did not meet the minimum income requirements for government housing and could not afford to buy private real estate. ECs were developed and offered by private developers. They are however subject to certain ownership restrictions and eligibility criteria during their first year.
The following are the requirements for prospective purchasers to be eligible for an Executive Condominium:
Citizenship : at least one of your buyers has to be a Singaporean citizen.
Family Nucleus : A minimum of one Singaporean and at least one Singapore Permanent Residency (PR) must comprise the family.
Income Limit: The monthly gross income for a household cannot exceed a specific limit. This can range from S$14,000 – S$16,000.
Property Ownership: Buyers should have no other residential property, either locally or internationally, in the last 30 months prior to application.
Minimum Occupation Time (MOP). EC Owners are required to fulfill a 5-year occupation time before they may sell their unit. After ten-years, the ECs have been fully privatized. All restrictions have also been lifted.
Availabilities of Executive Condominiums
Competitive pricing – ECs can be purchased at a price lower than a private condo, which makes them attainable for those with varying income levels. The price structure of ECs are regulated by government to make sure they’re affordable for their target audience.
Luxury Living Areas: The living rooms of executive condominiums are well designed and large. The amenities are usually modern, with high-quality finishing and thoughtfully designed layouts.
EC developments include a number of common facilities including pools, gymnasiums, parks, function rooms, and landscaped gardens. These facilities enhance residents’ quality of life by offering relaxation, recreation and community bonds.
Prime Locations: Many EC project are strategically situated in residential areas that have established amenities, such as shopping malls and transportation networks. This provides convenience, and in turn increases the value.
Investment potential: ECs’ capital gains have historically been on the rise, so there is a chance for investors to make a profit. When the projects reach their stage of privatization, they are fully available to a wider range of buyers.