In Singapore, Executive Condominiums are a popular option for housing. These developments combine luxury with affordability. The government provides support for private developers to build quality housing. We will discuss the advantages and processes of executive condo development in this article. Read more now on Altura EC showflat.
The Development Process
The process for developing executive condominiums is very similar to the development of private condos. Developers buy land at government subsidised prices and build, market and sell the condominiums. There are rules and regulations for developers who build executive condominiums.
The first thing that developers need to do is adhere to HDB guidelines on public housing. The HDB guidelines define the quality, design and construction standards for executive condominiums. Developers are also required to adhere the criteria of eligibility for buyers. This includes having a household income limit of at least $16,000 per month and owning no property in the previous 30 months.
The second requirement is that executive condominium developers have to comply with government regulations regarding the sale of their units. In the first period, usually five years, the owner cannot sell or rent out the apartment to non Singaporeans. After five-years, Singaporeans, Permanent Residents and foreigners can purchase the property.
Executive Condominiums: Benefits and Features
Developers and buyers alike can enjoy a variety of advantages from purchasing executive condominiums. The government partnership and subsidised cost of land provide developers with a manageable investment, and lower risks in the development of the property. Grants and subsidies are provided by the government for developers to make executive condominiums more appealing.
Buyers can enjoy a superior quality of life for a much lower price. Facilities and amenities in executive condominiums match those of private condominiums. This includes swimming pools and gyms as well as playgrounds, BBQ pits, function areas and playrooms. These units are built to a better standard with higher quality fixtures and finishes.
Also, the value of executive condos increases over time. They are a good investment. The demand for housing continues to grow in Singapore, making executive condominiums a more attractive investment for homebuyers and investors.