Executive Condominiums are the type of apartments which are famous in Singapore. First EC was first built in 1999. They are the hybrid of the public and private housing.
They are like private property which provides basic facilities including security, swimming pools, clubhouses, playgrounds and so forth. Private developers can also build and sold Executive Condominiums. Prices of EC remain lower than private houses because their land rates are subsidized by the Government. They are beneficial for young professionals who can afford more than an HDB flat but find a private house to be out of their reach.
There are a number of norm/eligibility criteria to purchase EC, but first, applicants who want to buy an EC should be Singapore citizen or Singapore permanent resident and their household incomes should not exceed S$10,000 per month.
If people purchase EC as a couple then one applicant must be Singaporean. They will be eligible to receive a $30,000 housing grant. Some documentation does applicants need to bring with them to the application process. The required documents would be their NRICs, birth certificates, marriage certificates, income statements. They have to ensure that the income statements are what is required by HDB.
An EC is similar to a private condominium, where owners can enjoy facilities. A buyer of EC can apply for housing grant to purchase EC unit if they are eligible and have not applied it before.
Buying a property in Singapore is extremely expensive which is why EC’s have emerged as a popular accommodation and investment option. Investment in property always brings a number of benefits. Investment in an EC too is profitable. After 10 years, you can resell your EC at the reasonable price.
Thinking of buying an EC or Executive Condominiums but don’t know where to start? Visit rivercoveresidence-ec.com.