Singapore’s world-class city infrastructure, its impeccable cleanliness and the modernity of urban life have always made it a popular destination. With the increase in the price of property over the past few years, it is becoming increasingly hard for Singaporeans to buy a home. The introduction of Executive Condominiums has allowed more Singaporeans to live luxuriously without spending a fortune. Read more now on Altura EC site plan.
The Executive Condominiums, or ECs as they are also known, were first introduced in 1995. They cater to those people who make too much money to be eligible for housing subsidies but not enough to purchase private property. The government provides subsidies to private developers who sell and develop these hybrid properties. The properties have the same specs and are of the same high quality as condominiums. However, they do come with restrictions in the early years.
Affordability is one of the main advantages of ECs. ECs have a lower price range of 20% to 30% than similar-sized private condominiums. They are therefore a good option for families in the middle classes. Housing grants of up to $30,00 are available from the government for first time buyers of ECs. This lowers their cost.
Another great advantage to ECs, is the wide range of amenities they provide. The majority of ECs offer residents facilities including swimming pools and gyms. They also have playgrounds, BBQ Pits, function rooms, and BBQ pits. Most ECs offer facilities that are on par with private condominiums. Residents can enjoy a luxurious lifestyle.
The purchase and ownership of an EC is subject to certain limitations. After the initial 5 year ownership, it is illegal to rent or sell an EC unit to anyone other than a Singaporean resident or citizen. After the five-year period the unit may be purchased by Singaporeans or Permanent Residents. It can also be bought by foreigners after ten years. This restriction is in place so that ECs are affordable to Singaporeans.
Many new private projects, including ECs, have been developed in the last few years. The Terrace Treasure Crest Northwave and Northwave, are all popular ECs. They are in great locations, with residents having easy access schools, malls, public transport, etc.