Executive Condominiums (ECs) are a hot property option nowadays for Singaporeans. They are becoming so favorites amongst local buyers that within a few months’ business and demand for buying or renting Executive Condominium have grown to the extreme. Even govt. of Singapore is also keen on promoting Executive Condominiums for its sandwich class citizens.
But if you are Singaporeans, do you really know all about Executive Condominium. Maybe not or maybe yes. Let’s take a look at some of the few points before you go on contacting real estate agents or property dealer or visit any website to buy an executive condominium.
Are you qualified to get an executive condo unit?
- You are eligible to buy an executive condo unit if you are a Singaporean or a permanent resident of the state for five years.
- You must be 21 years old and you must be applying together with one Singaporean citizen or PR.
- Your monthly salary should not more than 14 thousand Singaporean dollars.
- You are not qualified to get an executive condo if you own a private land that is not governed by HBD; or if you had just resold or disposed a land in the past 30 months or if you own flat or unit but did not fulfill the minimum time required for subsidized unit or flats in HBD or developer.
- If you just came from divorce relationship or marriage, you cannot also get an executive condo unit for the past three years from the date of divorce paper.
- You will not also be granted if you had canceled HBD housing programs and alike.Can you afford an executive condo unit?
There are other expenses like tax and other administrative fees. You may also need to check how much you can get a bank loan. Generally, you are required to cover five percent of the property choice fee, fifteen percent for the exercise fee and about cost of the buyer’s stamp which can amount to 12 thousand, six hundred dollars.
Now, let us move to your application. In this stage, you can apply for an executive unit regardless if the developer had already or not yet launched it. This will enable them to prioritize your reservation for the unit, in case you are interested. You can check out the Rivercore Residence on E-application for the executive condo unit. When the launch is scheduled, you will be one of those invited to attend for public viewing and to be prepared make sure you bring the following list of documents needed for reservation:
- Proof of your residency
- The document that tells about your status in relationship
- The documents that tell your income
You may also need to pay a reservation fee for this but all is worth it. They will reserve your unit until you can secure all the needed for submission and after you already get finance and make payment for the unit the rest of all the necessary sales agreement should be signed and acknowledge by concern parties then you can already get your key for it. You can live a luxurious living style at Rivercove Residence.