Executive condos (ECs), a housing option that is becoming increasingly popular in Singapore, offer homebuyers a unique combination of affordability with exclusivity. ECs combine the best of both public and private living, and offer a wide range of attractive features. Here we explore the executive condominium in more detail. On Altura EC showflat you can learn more.
Understanding Executive Condominiums
The 1990s saw the introduction of executive condominiums. They were designed to serve the needs of those households that could not pay the high prices for private homes but did not qualify to live in public housing. ECs may be sold and developed by private companies, but they must meet certain criteria and have restrictions in the beginning.
For a prospective buyer to meet the eligibility criteria for purchasing an executive condominium:
Citizenship. At least one purchaser must be Singaporean.
Family Nucleus. The purchasers are required to form a group of family members that includes at minimum one Singaporean national and either a Singapore Permanent resident (PR), or if married, consists of primarily Singaporeans.
Income Ceiling: Monthly gross income to the household is limited by a limit that ranges between S$14,001 and S$16,000.
Ownership: The applicant must not possess any other privately owned residential property locally or overseas for the past 30 months.
Minimum Occupation Period (MOP). EC owner must complete a 5 year minimum period of occupation before they are allowed to sell their property. After ten ECs fully become privatized with no restrictions, they are then sold to Singaporeans or PRs.
There are many advantages to executive condos
Price: ECs come at a cheaper price than private condos. They are therefore an affordable choice of housing for families on a middle-income. ECs’ pricing is regulated and controlled by the government. This ensures that they will remain affordable for families of middle-income.
These executive condos offer spacious, well-designed interiors. Many executive condominiums feature high-quality finishes and modern amenities.
EC projects come with a host of shared amenities such as landscaped gardens and playgrounds. They also include swimming pools. These amenities are designed to enhance the lives of residents by offering them opportunities for leisure, entertainment, and community interaction.
Prime Locations : Many EC Projects are strategically located near schools, shopping centres, public transportation, and parks. This increases convenience as well as the value and worth of the home in the long term.
Investor Potential: ECs, historically speaking, have appreciated in capital value. This could offer gains to purchasers. After the private sector takes over, these developments become more accessible to buyers and can increase their value.