As a residential property, Executive Condominiums (ECs), have been gaining popularity among homebuyers. ECs, which combine public and private elements, offer a balance of affordability, exclusivity and luxurious living. This article is a complete guide to executive condos. We will discuss their features, the eligibility criteria and benefits of them, as well as how you can purchase one. Come and visit our website search it on Altura EC you can learn more.
Understanding Executive Condominiums
Singapore’s executive condos were the origin of this unique form of housing. Executive condominiums were created to meet the housing needs of those who are “sandwich classes”: households with incomes above the ceiling for social housing but unable to afford the private market prices. ECs may be sold or developed by private companies, but they must meet certain criteria and restrictions on ownership during the first period.
Potential buyers of executive condominiums must satisfy several criteria to be considered eligible. They include:
Citizenship : at least one buyer of the property must be Singaporean.
Family Nucleus : A minimum of one Singaporean national and at least one Singapore Permanent Residency (PR) must be included in the family.
Income Limit: The monthly gross income for a household cannot exceed a specific limit. It is typically between S$14,001 and S$16,000.
Ownership: Buyers should not possess any other residential property, either locally or internationally in the thirty months prior to application.
Minimum Occupation Time (MOP – Minimum Occupation Duration): ECs owners have to fulfill a 5-year occupation time before they may sell the unit. After ten-years, the ECs have been fully privatized. All restrictions are then lifted.
Features and Benefits
Competitive pricing: Executive condominiums offer a better value than private condominiums and are a good option for people with middle income families. Developers are often willing to offer financing options that make it easier for people to own ECs.
Built-in Living Spaces. ECs provide a selection of floor plans and unit sizes that can be customized to meet the preferences and needs of any family. These units are equipped with the latest amenities, high-quality finishes, and thought out design features to provide a stylish, comfortable, and convenient living experience.
Facilities and amenities: These executive condominiums offer a wide range of facilities, including swimming pools and gymnasiums. They also have landscaped gardens and play areas. These amenities are designed to enhance residents’ quality of lives and create a feeling of community.
Locations Strategic: EC projects are often located in areas of established residences with excellent transport connections, close to schools and shopping centres, as well as other important amenities. The property will be more valuable and convenient in the long run.
Achieving Capital Gains is Possible: The value of executive condos has shown to increase over the course of time.