Over the last few years in Singapore, executive condominium (EC), developments have grown increasingly popular. These offer the very best of both the worlds – luxurious living at an affordable price. Many people don’t know exactly what the Executive Condominium means, how to use it, or whether it is a viable option. We will explain Executive Condominiums in this article. Come and visit our website search it on Altura EC showflat you can learn more.
What are Executive Condominiums?
The Executive Condominium is a combination of both public and private housing. The government and private developers collaborate to create affordable housing in Singapore. Land is provided at subsidised rates by the government to private developers who build and sell properties. This development meets the same requirements as private condominiums at a cheaper price.
Who Can Purchase an Executive Condominium in Toronto?
A number of criteria must be met to qualify for an Executive Condominium. For you to qualify, you need:
Singapore Citizenship
At least 21 years of age
A combined monthly income for the household of no more than $16,000
Not owned a home locally or overseas for 30 consecutive months
Purchased only one HDB (Housing and Development Board) or EC flat.
What is the restriction on owning an executive condominium unit?
The owner of an Executive Condominium has certain restrictions. In the first period, usually five years, the unit can’t be rented to or sold to anyone who isn’t a Singaporean citizen or Permanent Resident. After five-years, Singaporeans, Permanent Residents and foreigners can purchase the property.
Why should you invest in executive condominiums?
Affordable Executive Condominiums are one of the biggest advantages. Prices of Executive Condominiums are usually between 20-30% cheaper than those of comparable private condominiums.
Executive Condominiums offer the same amenities and facilities as private condominiums. Some of these facilities are swimming pools, fitness centers, BBQ pits (pits for cooking), function rooms, playgrounds, etc.