It is everyone’s dream to live in the private property. People often struggle throughout their life just to buy a house which is their own. However, house and property prices in Singapore continue to rise like most other parts of the world. Executive Condos (EC) can be the best choice in such a situation. These condos are becoming increasingly popular in Singapore because of certain potential advantages and desirable features. There are certain technical considerations in this regard as well but we will discuss them in the future articles in further detail. This article intends to provide a broader picture of what Executive Condominium are.
First introduced in 1994, ECs provide a very good alternative to citizens of Singapore who otherwise cannot afford expensive living properties. The housing scheme is a hybrid of a private and public housing. The ECs are similar to private condos in most aspects with some compound features, such as clubs, pools, security, and playgrounds.
The prices of these houses are reasonably less than other properties available in the market. In fact, an income of a household must not be more than $14,000 in order for it to become eligible for Executive Condominiums. Moreover, Central Provident Fund (CPF) can be taken in order to pay for an EC. It is worth noting here that only Singaporean citizens and residents are eligible to buy these properties for the first 10 years of development. After this period, it can be sold to foreigners as well.
The EC properties not only provide a very good option to buy one’s own house for low-income households but it can also be considered as a very good investment. The price of any such property will always appreciate in the future and hence, a sound financial gain can also be materialized if sold in the future.
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New Launch Properties agents are also specialises in dealing with a different range of resale market in Singapore, such as Luxury Condominiums, Mass Market Condominium to HDB. We are a group of award-winning property agents that are out to make a difference.
Our commission fees are always reasonable and we will always provide the best services. We will provide home condition reports, professional photography for the property, assisting in sales of properties, leasing of properties and buying of properties.