The Executive Condominiums have been gaining popularity in Singapore for the last couple of years. This is because they combine luxury and affordability. But few people understand what it means to develop an Executive condominium, the process involved, and if this is something they should consider. Here is a guide for understanding the Executive Condominium. Visit our website and learn more about Altura EC site plan.
What is a Executive Condominium?
It is a mixture of public and privately owned housing. In collaboration with government officials, private developers build the Executive Condominiums to offer affordable housing options for Singaporeans. Government subsidises land to be sold by private developers. They then construct and sell these properties. The same standard and specification as private condominiums are met, yet the development costs less.
Who are the Eligible Buyers of Executive Condominiums?
The criteria for eligibility to purchase a Executive Condominium is determined by certain factors. In order to qualify for an Executive Condominium, you will need to:
Singapore citizens can apply for citizenship
Minimum age of 21
Do not exceed $16,000 in combined household income per month
Do not own any properties in Canada or overseas within the last 30 Months
Not bought more than one HDB or EC new flat.
What restrictions apply to the ownership of an executive condominium unit?
Owning a unit in an Executive Condominium comes with certain restrictions. For the initial five-year period that the unit has been owned, it cannot be rented, sold, or given away to any non-Permanent Resident or Singaporean. After five years the unit is sold only to Singaporeans.
What Are the Benefits of Executive Condominium Developments?
Affordability is a major advantage of Executive Condominiums. It is affordable for those who wish to have a luxurious lifestyle at an affordable cost.
Executive Condominiums, in addition to being affordable, offer an array of amenities and services that rival those offered by private condominiums. Swimming pools, BBQ pits BBQs, play areas, function rooms are just a few of the amenities available.