Rivercove Residences EC at Sengkang by Hoi Hup
If you have ever looked for a house you’ve probably come across the words ‘executive condominium in Singapore’ once in a while. In this post we are going to find out what are executive condominiums in Singapore, people who can buy an EC, what they are and what regulations have been put in place to control buying and selling of an executive condominium in Singapore.
The first executive condominium in Singapore was developed or built in 1999. In year 2018, there will only be one Executive condo launch, Rivercove Residences EC, by developer Hoi Hup. Executive condominiums were built in order to make it easy for middle income earners to own a home. Such people could not afford buying a private home or condominium hence the establishment of executive condominiums in Singapore.
This type of housing is unique and can only be found in Singapore. This public-private type of housing is built with amenities and facilities that are similar to those of a private condominium. The only difference between executive condominiums and private condos is that they are governed by regulations, rules and restrictions as set by the government.
These houses are built to fulfill the needs of middle class income earners who cannot afford expensive private homes or condos. These houses are subsidized by the government which therefore means that not everyone can be allowed to purchase them. For viewing of Rivercove Residences showflat, visit the official site for making the appointment. Private condominiums do not come with purchase restrictions like the executive condominiums. Private condominiums are not affordable to some Singaporeans as they are located in prime lands and close to tourist attractions, parks, business centers, hospitals and schools.
Before you can buy an executive condominium, there are certain regulations you must meet. You must be a Singaporean and your monthly income should be below $14,000 if you want to own an executive condominium.
You should also not be a person who has owned property in the last 30 months. For private condominiums in Singapore, anyone can buy these prime houses without regulations from the government. This is the main difference between these two types of housing schemes.
When compared to private condominiums, executive condos tend to have larger floors. Rivercove Residence 3 bedroom floor plan design for practical usage. The owners of executive condominiums in Singapore are only allowed to sell these properties to Singaporeans after the end of MOP period of five years. If a foreigner wants to own an executive condominium in Singapore, he or she will have to wait for 10 years to end. For private condominiums, any person whether citizen or foreigner is allowed to buy and sell anytime.
To summarize this, it would be right to say that there is no much difference between a private condominium and executive condominium apart from the regulations that govern the selling and buying of executive condominiums.