Executive condominiums have been gaining popularity in Singapore as a housing choice. These units offer a unique combination of affordability and exclusivity. ECs are a great alternative to private housing for families with middle incomes. They were designed to serve the needs of those who fall into the “sandwich class” – those who earn too much to qualify for government housing, but not enough to afford private real estate. We will discuss executive condos in this article. They include their benefits, features, criteria for eligibility, and acquisition process. Come and visit our website search it on Altura EC you can learn more.
Understanding Executive Condominiums
Singapore’s executive condominiums offer a unique housing option that bridges the gap between condominiums and housing for public. The executive condominiums are sold and developed by private developers, and are subject to eligibility criteria and initial ownership restrictions. ECs often are developed by the Housing and Development Board to make them affordable and accessible.
Potential buyers of executive condominiums must meet certain criteria to qualify for purchase.
Citizenship: A minimum of one buyer must be Singaporean.
A family nucleus is required. This must include at least one Singaporean and either a Singapore Permanent Resident or a citizen spouse.
Income Ceiling: A specified amount of gross household income per month is not to exceed. This limit can range from S$14,000 up to S$16,000.
Property ownership: In the 30 month period prior to the application, the applicant should not be the owner of any residential property in Australia or overseas.
Minimum Occupation period (MOP) : ECs must be occupied for a minimum of five years in order to sell the unit. After ten year, the ECs will be fully privatized and restrictions lifted.
Benefits and Features
Affordability: Executive condos have a lower price tag than other condominiums. ECs cater to the middle-income group, so they are a good option for families who want quality housing for a reasonable price.
Luxury Living Spaces. Executive condos feature well-designed, spacious units, with high-quality finishes and modern amenities. Units are designed for residents to have comfortable, functional living areas that fit their needs.
Features: EC projects come equipped with a range of features and amenities including pools, fitness centers, BBQ pits (pits for cooking), playgrounds, landscaped gardens, etc. They enhance residents’ quality of living and promote a feeling of community.
Executive Condominiums have prime locations. They are situated in areas with established residents, providing easy access to important amenities, such as shopping malls and healthcare centers. It provides a comfortable and convenient living environment for residents.
Like private condominiums executive condominiums also have the possibility of capital appreciation. After the initial minimum period of occupancy, the unit will be fully privatized. This could result in an increase in the property value.