The Executive Condominiums in Singapore are a great housing choice that provides a blend of affordable luxury and luxurious living. We will examine executive condos in this article. You’ll learn about their features, the eligibility requirements, and many other important things. On Altura EC showflat you can learn more.
What are Executive Condominiums?
A hybrid executive condominium, built by private developers and the Singaporean government in partnership, is a public-private type of housing. These development are aimed at the middle income group, and they offer luxurious living for an affordable price.
There are certain requirements that buyers of executive condos must fulfill. First of all, buyers must be Singaporeans or permanent residents. Second, their monthly household income cannot exceed $16,000. Last but not least, the couple must have no other private property either in Singapore or in another country and they cannot dispose of private property within the past 30 months.
Executive condominiums offer residents a luxury lifestyle and are often built in locations that are close to schools, shopping centres, public transportation, etc. Swimming pools, function room, playgrounds, barbecue pits and other amenities are available in executive condominiums. These units are of a higher standard than those in public housing, including better finishes and fixtures.
Owning and selling
Ownership and resale regulations for executive condominiums are strictly enforced by the government. In the initial five-year period, the owner cannot rent or sell the condo to a non-Singaporean or non-permanent resident. After five years the unit is sold only to Singaporeans, permanent residents and foreigners.
Advantages of executive condominiums
Executive condominiums are affordable. Comparing executive condominiums to private condominiums offers a budget-friendly alternative for those seeking luxury. In addition, executive condos have a tendency to gain in value, which makes them an excellent investment for those who are looking.
The location of the executive condominiums can be a major advantage. These executive condos are located in high-end areas and have easy access to schools, shopping malls, public transport, etc.