Executive Condominiums (ECs) are a category of housing introduced by the Government in 1994 to fulfill the societal aspirations of Singaporeans to live in private homes. rivercove residences eccome equip with the majority of the amenities of the private counterparts – from swimming pools to security guards – but are comparatively more affordable.
When private home costs dropped significantly from the first half of the 2000s, the Government ceased spat ECs out.
Just in the fourth quarter of 2010 were that they assembled once more.
Precisely what would be the attractions and pitfalls of purchasing an EC?
Commonly considered a hybrid kind of home since it is bound by particular ownership principles governing HDB apartments in its first ten years. However, on the opposite side of this coin, buyers buying ECs in the programmer, like the purchase of HDB flats, are qualified for a sort of CPF housing grant. Stop by HDB, “CPF Housing Grant for Family EC”, for the specifics of the grant quantum that’s based on family income and citizenship status.
All of ECs are around 99-year rental, differing from private Rivercove Residences EC which arrive in rental which range from 99-year into freehold.
And just Singapore taxpayers are entitled to purchase new ECs.
Very similar to HDB apartments, ECs have a Minimum Occupation Period of five years, where there’s to be no purchase of the home, no subletting of the whole home, and no cost of a private property.