Executive Condominiums are in great demand as they offer state of the art facilities at a lower price. However, there are rules for buyers and a few key steps to check for eligibility and obtain approval from the Housing Board.
High interest from buyers indicates that Executive Condominiums are back in vogue. Consultants agree that ECs, which are privatized after 10 years, continue to attract buyers as these public-private hybrid homes offer facilities similar to those in condos but at a lower price.
Few steps to check eligibility to buy Executive Condominiums:
Buyers cannot have monthly household income exceeding $14,000. Sandwich class people can take that benefit. They should be first-time flat owners or have bought only one property under HDB or received one CPF Housing Grant previously. They must not also own property overseas or locally or have sold any in the past 30 months.
There is a list of all Rivercove Residences EC on sale as well as upcoming launches on HDB’s website. Check this, and then make arrangements to view the project site and the show flat.
Successful applicants will be invited by the developer to book an Executive Condominium and sign the Option to Purchase (OTP) form. They can also submit an application form for a CPF Housing Grant to the developer. All buyers, including those paying in cash, also have to pay a 5 percent option fee.
Homebuyers can collect the keys when the EC is completed. It is important to note that buyers must occupy the EC for five years before it can be sold on the open market. ECs with good transportation connectivity tend to be in demand, as well as those near amenities such as schools, shopping facilities, and other conveniences.
Most buyers, for instance, tend to make use of the CPF Housing Grant instead of paying cash. Keep visiting rivercoveresidence-ec.com, if you are still wondering why executive condominiums are in great demand.