Executive condominiums are popular public housing in Singapore and were introduced back in the early 90s. Executive condominiums or ECs are a combination of the public and private housing. They are highly appealing to home buyers, as they contain amenities similar to private condominiums such as swimming pools, playgrounds, landscaped gardens, tennis courts, function rooms, BBQ pits, gyms and in-house security staff.
There are so many of benefits of living in an EC in Singapore. Economic advantage is one of the biggest advantages. ECs purchasing price is 20-30 percent less as compared to private condominiums as the prices are subsidized by the government. It is a perfectly unique mix of affordable pricing and luxury living and this is what makes it hugely appealing to first home buyers.
The difference between EC and private condo are slight. ECs consist of the same features and additions as Private condominiums. But while purchasing an EC, all the regulations and rules of the government must be following. These regulations come during the application process, whereby each applicant must be declared eligible for this type of housing, as there are the various criterions that you must meet in order to be thought of as eligible.
– Being a Singaporean citizen
– The household income being lower than $14,000
– Not having owned any property, locally or globally, in the past 30 months prior to your application, or owning any property currently
– The applicant hasn’t previously owned more than one EC housing property, as you can only buy subsidized
Ecs is the perfect place to live, especially for the sandwich class who earn enough income to qualify for any of the previous housing grants available but aren’t able to afford the high cost of private condominiums. And not only are ECs able to provide security and stability, they’re also in beautiful.
If you want to buy EC in Singapore then Rivercove Residences by Hoi Hup Realty & Sunway Developments is a great option you have which is a full facility loaded EC and developed by keeping in mind all the need of future residents. To know more about Rivercove Residences EC, why it’s a great option for you visit Rivercove Residences.