Real estate world is divided into various categories. One category is Condominium. Real estate world is divided into various categories. One category is Condominium.Condominiums aka condo are designed as the apartment which is suitable for single families. It is like a building that contains a number of individually owned apartments or houses. There are two types of Condominiums available on the market.
The popularity of both executive condominiums and private condominiums are on a rise in Singapore. Most people prefer to stay in a condominium because they offer various facilities like security, Easy maintenance & housekeeping, Affordability, Lower Furnishing Cost and more.
In Condominium people can get few facilities like swimming pool, Jacuzzi, and gym, they do not need to go anywhere for such things. In further paragraphs, we will discuss the difference between Executive Condominium and Private Condominium.
Executive condominium – the Executive condo is a type of apartment that is unique in Singapore only. This public-private type of housing started in the 90s. You can find all luxurious features in the executive condo. EC houses are cheaper than private condo these are build to satisfy the need of lower class citizens who can’t afford private property.
Executive condominiums are 25% cheaper than private condos. Citizens of Singapore can take up to $30,000 CPF housing grants for buying EC houses from HDB, if their monthly household income is not exceed the $14,000. Some developer offers different scheme of payment to buyers.
EC houses are more convenient than private condos because all facilities are available in residential area and they are always provide security. A resident doesn’t have to worry of house-break in and their safety when around the compound. They come with built-ins and basic kitchen appliance, so people just need to shift in ECs.
Private Condominium – Private condominium are almost similar to Executive condominium, but there are no housing grants to buy private condos. These are more expensive than EC houses and HDB. Anyone can buy private condo because there are no restrictions on foreign ownership, they can also buy private condos and there is also progressive payment scheme available. People can buy private condos for investments.
Both are good choice for buyers but all in all buying an Executive condominium is far better option than private condominium.