by Singapore Executive Condominiums, or ECs for short, are a very popular form of housing that combines both luxury private condominiums and affordable public housing. In order to achieve quality at lower costs, these developments are constructed by private developers. Here we explore executive condominium developments and their benefits. Visit Altura EC before reading this.
Development Process
The development process for executive condominiums is comparable to that of private residences. The developer buys land at a subsidised rate from the government, then builds, designs and markets units. But there are some rules that must be followed by developers.
To begin with, the developer must follow the guidelines of the Housing and Development Board for public housing. These guidelines detail the requirements for design, construction quality, and other aspects of executive condominiums. Developers also have to follow the buyer eligibility criteria. They include the monthly income cap of $16,000, and that the purchaser has not previously owned any local or foreign property.
Secondly, executives condominium developers need to adhere to government regulations when selling the units. The first five-year period is the only time that the unit may be rented to or sold by Singaporeans and Permanent Residents. After five or ten year, the unit will be available to Singaporeans.
Executive condominiums are a great investment.
Executive condominiums have a number of benefits for buyers as well as developers. Land subsidy and government partnerships make the investment more manageable for developers and less risky in terms of developing the property. In addition, developers are attracted by government grants and subsidies that make the development of executive condos easier.
In terms of cost, buyers can get more for their money with executive condominiums. All amenities and facilities are comparable to private condominiums. Also, the units themselves have a high standard of design and finish.
Aside from that, they tend to grow in value and are therefore a sound investment. In Singapore’s growing housing demand, both buyers and investors are increasingly interested in executive condominiums.