Singapore’s Executive Condominiums combine both the comfort of a private condominium with the affordability and convenience of public housing. They are developed by private developers, with support from the government. This is to create quality housing that costs less. The process of building executive condominiums and its benefits will be discussed in this article. See Altura EC site plan for get more info.
The Development Process
The executive condominium development process is the same as that for private condominiums. Developers can purchase government-subsidized land and go on to design, construct, and market units. The developers of executive condominiums have to adhere to certain rules.
Developers must first adhere to Housing and Development Board guidelines (HDB), which govern public housing. These guidelines outline the construction, quality and design standards for executive apartments. In addition, developers are required to meet the requirements for the buyers. These include a ceiling income per household of $16,000 a month as well as not having owned any real estate locally or internationally in the 30 previous months.
In order to sell the executive condo units, the developers are required to follow the rules set by the Singapore government. For the first 5 years after purchase, the condo unit is not allowed to be rented, or even sold, by non-Singaporeans. After five years the unit is sold only to Singaporeans.
Executive condominiums have many advantages.
The benefits of executive condos are numerous for both buyers and developers. In terms of developers, government subsidies and partnerships with land owners make it easier to invest and reduce the risk involved in building the property. For developers, the government provides subsidies and grants for development of executive condominiums.
The executive condominiums provide a greater quality of living for less money. In terms of amenities, executive condos have the same facilities as private condominiums. They include gyms with swimming pools, BBQ pits in addition to playgrounds and BBQ pits. They are of a higher design standard and have better fixtures.
In addition, executive condos are likely to gain in value, which makes them a great investment. Due to the increasing demand for homes in Singapore, executive condos are becoming a popular option among both homebuyers as well as investors.