Executive Condominium is a public-private hybrid type of housing in Singapore. It was first built during the 90s and known for providing all the amenities and features.
They are a type of private condo that is bounded by all the rules and regulations of the government that needs to be followed. There are subsidized by the government so that not everyone can just walk in and buy executive condominiums.
Housing Categories in Singapore
In Singapore, there are two types of housing categories, public housing, and private housing.
In the case of executive Condominiums, it falls in the middle of both and is considered as a hybrid of both private and public housing.
Executive condominiums are made for sandwich class citizens or we can simply say middle-class people who can’t afford a private condo in Singapore.
Why you should invest in Executive Condominiums
These executive Condominiums are a perfect for any Singaporean to invest as a future home. Main reasons for investing are these Condominiums because they provide various facilities like Swimming Pool, Gym Facilities, parks, power back up and Security etc, at one place. This way any owner can get all the basic home features and requirements at a cheaper rate.
It’s not that your investment will always be under the surveillance of government, all the restrictions, and rules on these executive Condominiums would be lifted after 10 years and in the end, you will be the owner of your property with no government rules and restrictions.
Who can get Executive Condominiums?
To buy EC, there are certain eligibility conditions you need to know well.
- You need to be a Singapore citizen.
- Your monthly income should not be more than $14,000.
- You do not own any property within the last 30 months.
- You must maintain 5-year Minimum Occupancy Period before you rent out or sell your property.
Depending on your location, executive condominiums are usually priced 20-30% lower than private condos and they are developed and sold by private developers like Hoi Hup Pte Ltd. and Sunway Developments.
There project RIVERCOVE RESIDENCES is all about to launch so that you can fulfill your dream of owning your house. This Executive Condominium (EC) market is one of the most anticipated projects in Singapore. So if you are looking for an EC unit, then Rivercove Residences should be on your top list.