Many homebuyers are attracted to executive condominiums as a housing option. ECs are a great option for those who want to live in luxury, but still have the affordability and exclusivity of public housing. This guide will cover the features of executive condos as well as their eligibility criteria, advantages, and buying process. You can get the best guide on Altura EC price.
Understanding Executive Condominiums
Singapore was the first country to introduce executive condominiums. These executive condominiums are designed for the needs of “the sandwich class”, a group that is above the maximum income limit to qualify for government housing, but finds private property too expensive. ECs can be developed and purchased by private developers. However, they are limited in their initial eligibility and are not allowed to own them.
A Criteria for Eligibility
For a potential buyer to qualify for a luxury condominium, they must meet several criteria. This includes:
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) : EC Owners must complete a minimum five year occupation before they are allowed to sell their unit. After ten year, the ECs will be fully privatized and restrictions lifted.
Features and benefits
Price: Executive condos have a lower price than private condos. They are therefore a more affordable choice for those with varying income levels. Many developers offer appealing financing plans, which make home ownership more affordable.
Well-designed living spaces: ECs come in a wide range of layouts and sizes to suit different needs. The ECs are designed with quality finishes and modern features, resulting in a luxurious and comfortable home.
Amenities: Many executive condos have a variety of amenities, such as pools, fitness centers, meeting rooms, landscaping gardens, and children’s play areas. They enhance the residents’ sense of belonging and quality of life.
EC Developments are located near schools, shopping malls, hospitals, parks, etc. These developments have strategic locations. It is a great way to ensure convenience, and increase the property value in the future.
Possible Capital Appreciation Executive condominiums are known to appreciate in value with time. Therefore, buyers can expect capital gains on resale.