Living the Condominium way
Executive condominiums are on the rise in an exciting way. There are many reasons why you might choose to live in one. Multimillion-dollar projects are being developed by many developers to maximize the potential. Come and visit our website search it on new EC launch 2023 2024 you can learn more.
An Executive condo is essentially a mixture of a flat and private property. Units come with some restrictions on ownership and resale, including a income limit of $12,000 and a five-year occupancy period. The units can be sold to PRs with no family nucleus requirements between the 6th-10th years. These units are partially privatized. After 10 years, the restrictions are generally lifted and the property becomes private. This housing model has the positive side that buyers can get grants which can really help.
Today, new Executive Condominiums are available and can be purchased at discounts of up 20% in comparison to other properties. It is expected that the discount will shrink as units start to be sold after five years MOP. After the 10 years have passed, they will be priced like other private properties.
Executive condominiums also have the advantage of being pre-planned. They are generally located near transport and social amenities. MRT stations are also close to the expressways. This is an effort to make life easier for residents.
This type of development is experiencing significant changes in many areas. Because of the variety of units that can be bought, Executive condominiums offer a wide selection of choices. There are 3, 4, and even 5 bedroom units. You can also choose from sizes ranging between 786sqft and 1549sqft. This means that different families can have different types of units. The units are quite affordable.