Executive condos are hybrid of public and private apartments. They are type of housing scheme which is very popular among Singaporeans. Affordable EC houses were first introduced in 1999 with various luxurious facilities.
Earlier in July, Rivercove residences became the most oversubscribed Executive Condo. Over 2600 applicants were made for 530 units, like the whole development to be sold out in day. That’s why EC houses keep rising the demand list for Singaporean.
Executive Condominiums are the best buys because this sort of “sandwich” class properties is traditionally suitable and beneficial for young people. The reason is simple; there is a chance to buy private property, while still getting government subsidies. Also, executive condos are provided with same range of facilities offered by private houses, but they are cheaper than private condos.
If apartment buyer have an income ceiling of $12000 per month, then that family consider for buying executive condo. They can also get to choose between an executive condo and private house. For buying EC apartment government of Singapore provides grants if your income is less than $14000. This is very beneficial for Singapore citizens. Using the same 25-year loan at two per cent per annum, the family’s monthly repayments are just $2,611 per month. Extra savings a month can make a big difference, especially for newlyweds having their first child. And this comes without any loss of quality, as executive condominiums are full suite houses built by private developers.
Strong interest from buyers indicates that executive condominiums are back in vogue in spite of the property market. ECs are in demand because of good transportation connectivity, as well as those near amenities such as schools, shopping facilities and other conveniences. And people who are living in executive condo, they do not need to go anywhere for gym and swimming pool because all this type of facilities are also available in EC condos. All units are under gated security with CCTV cameras. No one can harm other person under security, this is beneficial for families. Parents no need to worry about their Child. That’s why Singaporeans love to buy executive condo.
Still confused about the world of executive condominium, then do visit Rivercove Residence.