Apartments in Singapore are called executive condominiums and the first condominium was built in 1994. Executive Condominiums are built by private developers and they add all the basic amenities starting from swimming pool, security, club house, and playground when designing the project. They are very popular among sandwich class citizens.
The purchase prices of these apartments are lower than the private houses. This is because the land on which the building is built is provided by the Singaporean government. Thus, there are some simple steps that the buyer needs to follow for purchasing a house.
If you want to buy an executive condo from a developer then you need to stay in it for a minimum of five years. In other words for five years after buying you will not be able to rent or sell the property. Even after the span of five years you cannot sell the property to any foreign investor. The property can only be handed over to local Singaporean resident. If you want to sell it in foreign hands then you need to keep it under your own custody for minimum of ten years. Now if you are thinking what are the benefits of having an Executive Condominium in Singapore then here are some benefits.
- If you invest your money in executive condominium means you can enjoy the luxury house property in Singapore, within low budget.
- Government of Singapore provides financial support if any applicant has low income to buy an executive condo. Thus, the interest for repayment of money will also be in the budget. This will help the applicant to save money which can be used for some unexpected expenses. So, you have lot of options to choose from and select the best one for your family.
- Buying executive condominium means you will have tension free future. Tension free future does not mean you can just sit back and spend a relaxed life. When you buy an executive condo, as long as you have a job, you can take help from Singapore government during financial problems.
- These Executive condos are within closed compound to ensure that proper security can be provided to residents.
Looking for more information on buying and investing on executive condominiums, then visit rivercoveresidence-ec.com.