ECs are a new housing option that has become popular among many buyers. ECs provide a good balance between luxury and affordability. They combine the best of both public and privately owned housing. This article offers a detailed guide of executive condominiums. It will include their characteristics, eligibility requirements, benefits and the purchasing process. You can see Altura EC showflat for more information.
Understanding Executive Condominiums
Singapore has a special type of housing called executive condominiums. It is designed to serve the “sandwich-class” of families who earn too much to be eligible for public housing yet find the prices on private property prohibitive. ECs will be built and sold privately by developers. They are however subject to eligibility criteria and initial restrictions.
The criteria for eligibility
Buyers of Executive Condominiums need to fulfill certain criteria in order to qualify. There are several criteria to meet.
Citizenship. At least one purchaser must be Singaporean.
Families Nucleus. The purchasers are required to form a “family nucleus” consisting of at minimum one Singapore citizen, and one Singapore PR or Singapore Citizen spouse.
Income Ceiling: Monthly gross household income cannot be higher than the specified ceiling, which is normally between S$14,000.
Ownership: In 30 months before the application the buyer cannot own another private residential property either in this country or elsewhere.
Minimum Occupation Period (MOP). ECs are subject to a minimum of five years occupation prior to being able sell the property. After ten (10) years, all ECs in Singapore are privatized.
Features and Benefits
Executive Condominiums are more competitively priced than private condominiums. As a result, they offer an affordable alternative to families of middle-income. The developers often provide attractive financing packages, making home ownership easier.
Well-designed Spaces for Living: ECs have a number of options in terms of size and layout to accommodate different sizes and tastes. Built with high quality materials, thoughtful designs, and modern amenities to ensure a comfortable and stylish experience, they are constructed using the best finishes.
Amenities and Facility: Executive condos are equipped with many amenities such as landscaped gardens, swimming pools or gymnasiums. These facilities enhance quality-of-life for residents, and promote a strong sense of community.
EC developments tend to be located within established residential communities with easy access to public transport, near shopping centers and schools. This provides convenience for the owner and increases the value of their property over time.
Prospective Capital Appreciation. Executive condos show a history of increasing in value, which can provide buyers the opportunity to make capital gains at a later date.