Singapore’s market for executive condominiums has grown increasingly popular. This housing type offers a combination of affordability, amenities and exclusivity. ECs offer a good alternative to middle-income households who are looking to invest in a quality house. Here we explore executive condominiums, their features, the eligibility criteria and other benefits. You can see Altura EC price on our website.
Understanding Executive Condominiums
As a bridge between HDB housing and private condominiums, Executive Condominiums have been around since the 1990s. ECs developed and sold by private developer are subject to certain ownership restrictions and eligibility conditions during the initial period. These restrictions ensure that ECs are affordable and available to their target market.
For a potential buyer to qualify to buy an executive condominium they must also meet the following criteria:
Citizenship. At least one buyer of the property must be Singaporean.
Family Nucleus : A minimum of one Singapore citizen must be present in the family, along with a Singapore permanent resident (PR), or their spouse.
Income Limit: The monthly gross income for a household cannot exceed a specific limit. The range is typically between S$14,000-S$16,000.
In 30 months prior to application, the purchaser should have no other residential property either locally or internationally.
Minimum Occupation Time (MOP) : Before selling to Singaporeans, or Permanent Residents of Singapore, ECs owners have to fulfill a 5-year occupation time. After ten-years, the ECs have been fully privatized. All restrictions are then lifted.
Features and Benefits
Affordableness: One key advantage of ECs over private condos is the lower cost. ECs tend to be priced competitively and are therefore a great option for those who have a moderate income but want a nice home.
These executive condos have high-quality construction and modern designs, as well as a range of features and amenities. Some of these amenities include gyms, BBQs pits, play areas, landscaped gardens, swimming pools and function rooms. EC developments aim to create a living space that is comfortable and enjoyable for residents.
Prime Locations : ECs strategically situated in established residential communities, offer easy access of amenities, such as shopping centers, schools, parks, and hubs for transportation. Location is important because it enhances residents’ quality of lives and adds value to the property.
Executive condominiums show a history of appreciation in their values over time. As ECs will be fully privatized upon the implementation of the MOP plan, their owners may have an opportunity to sell the units in the open market and potentially profit from any capital appreciation.
CPF Housing grants: Affordability of ECs is further enhanced by these grants. These grants make ECs affordable to more buyers.