Executive condominiums are a type of hybrid housing in Singapore. They resemble private condos and are enclosed in a gated secure compound with their own pool, gymnasium, clubhouses, management committee, playgrounds and so forth. They are built and sold by private developers, just like the private condominiums, but at a lower price. It is because the government subsidizes the land rates.
In the recent years, many more people have been looking into owning a house, be it to live in or as an investment. Let us explore the reasons why an executive condo is right for you.
Why executive condominiums are the best choice
Great for families
The first thing to consider is you are eligible as per the government stipulated conditions. This checks your age, income, and marital status. If you are single, you cannot buy until maybe ten years later when they become private property. However, if you are a family unit, then the condo is the best idea for you. For this, you have to apply with your spouse or spouse to be; if you are divorced or widowed, your kids; or with your parents.
They convert to private property after ten years
The biggest attraction to executive condos is that they become private property after ten years. They start out as HBD housing with all the restrictions that apply to them but then are officially recognized as private property after ten years. This means that as the owner you are free to sell it to another party without the selling and buying restrictions of executive condos. You can sell it to whoever you want even to companies or foreigners.
You easily pay less to buy it
Since an executive condo starts out under HBD housing, you can get access to CPF housing grant. This will be for someone whose income is low enough. You can also access HBD loan which can finance up to 90 percent of your down payment. The CPF grant can then finance the remaining 10 percent. There is also always the option of getting access to loans from the bank.
Similar luxury amenities to private condos
With executive condos, you pay less for similar amenities that you would get with private condos. They often have good security, club house, swimming pool, and gym. This ensures that your stay is luxurious yet you have paid so much less to access the amenities. It is also a huge draw when you want to resell the executive condo as it will attract much more high-end buyers.
Conclusion
Buying an executive condominium is a smart choice. However, having proven that the executive condo is for you, which is the best one? The Hundred Palms Residences EC price is the best if you are considering to buy a property. It is a rare gem in Singapore that you need to get your hands on. It is therefore worth looking into for a great and smart buy for your home or investment.
