Executive condos (ECs), a new housing option that offers a unique mix of affordability, exclusivity and convenience in Singapore are becoming increasingly popular. ECs, which were created to satisfy the needs and wants of families of middle-income who do not meet the minimum income requirements for housing in public areas but can’t afford to buy private homes due to high prices, are an alternative that is attractive to them. The concept of executive condos will be explored in this article. It includes their features and benefits as well as eligibility criteria. You can see Altura EC price for more information.
Understanding Executive Condominiums
Singapore has a special type of housing called executive condos. They bridge the gap that exists between public housing units and private condominiums. Private developers build and sell these units, which are then subjected to specific ownership and eligibility restrictions for the first few years. ECs, which are designed in conjunction with HDB (Housing and Development Board), ensure affordability and accessibility.
For a potential buyer to be eligible to buy an executive condominium they must satisfy several criteria.
Citizenship : at least one of your buyers has to be a Singaporean citizen.
Family Nucleus : A minimum of one Singaporean national and at least one Singaporean Permanent Resident(PR) (or citizen spouse) must be included in the family.
Income Limit: The monthly gross income for a household cannot exceed a specific limit. This can be anywhere between S$14,000 – S$16,000.
Ownership: Buyers should not possess any residential property, either locally or internationally in the thirty 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.
Features and benefits
The pricing of executive condos is lower than that of private condominiums. ECs target the middle class, and are therefore a popular choice for families seeking quality housing in a budget-friendly price.
High-Quality Finishes and Spacious Layouts. These executive condominiums have well-designed apartments with modern features, luxurious finishes, as well as spacious floor plans. They are designed to meet the needs of residents by providing them with comfortable and spacious living space.
Comprehensive facilities: EC developments include a large range of amenities such as pools, play areas, BBQ Pits, gardens and landscaping. These amenities enhance the residents’ quality of life and help foster a strong sense of community.
Prime Locations: Executive condos are strategically situated in established residential neighborhoods, which ensures convenient access to key amenities such as healthcare, schools, shopping centres, and public transportation. The residents enjoy convenience as well as a pleasant living environment.
The value of executive condominiums can increase over time. The value of the properties may increase after units have been fully privatized.