For some Singaporeans, an Executive Condominium actually is a necessity. But for others, it might be an aspiration. The executive condominium is a cross between public and private housing. An executive condominium is very beneficial for sandwich class, which generally means EC houses provided with its own pool, gym, clubhouse, management committee, and so forth. ECs are also built, marketed, and sold by private condos developers, same as the other kind of private condo or property.
If a Singaporean want to Buy an Executive Condominium, the government of Singapore also provide them a grant under some rules. The income of buyer should be around $12,000 to $15,000 marks a class of “sandwiched” Singaporeans.
Executive Condominium is considered as HDB property for 10 years if the owner is not from Singapore, it is subject to the same restrictions like a minimum occupancy period of five years, and restrictions on who can buy it. After that duration of time owner can sell their Executive Condominium. Like any other private property, and anyone can buy it.
Some people who aspire to purchase a property as an investment will do better with Executive Condominiums. But to sell the EC house people a Singaporean have to wait for 5 years after their purchasing. One of the big advantages to ECs is that, because they are purchased with subsidies, there is likely to be a bigger profit margin when they’re sold. People who have a lot of money to spend they can buy EC apartments very easily and keep them as an investment.
ECs have fewer residents than HDB properties, this means everyone tends to pay a fair bit for maintenance fees. Most condos, the residents share the maintenance costs via the management committee.
Before you take the house, do think about how much you really need that gym or pool and also think about your income.