Singapore has long been known as a city with exemplary infrastructure, pristine cleanliness, and a modern, urban lifestyle. The rising cost of private properties has made it more difficult for many Singaporeans to purchase a property. With the introduction Executive Condominiums(ECs), Singaporeans now have the opportunity to live in luxury without going broke. Come and visit our website search it on Altura EC you can learn more.
Executive condominiums (ECs), introduced in the year 1995, are designed to serve the needs of those who fall between the two classes: earners too high to qualify for social housing but also too low to afford private real estate. They are hybrid properties that are sold and developed by private developers, with government subsidies. Built with the same specs as private condos and with similar quality, these hybrid properties come with certain restrictions on the first period of ownership.
Affordableness is the most important advantage of an EC. ECs cost 20% to 30% less than condominiums with similar size and quality. Many middle-class families find them attractive. For first-time EC buyers, the government offers a grant of $30,000 to help lower costs.
Another feature of ECs that makes them attractive is their luxurious features. Many ECs provide residents with facilities, such as gyms or swimming pools. Others have BBQ pits for grilling, BBQ pits in the playground, or even rooms to host functions. They are often comparable with the amenities found in private condominiums.
There are restrictions to owning and buying an EC. During the first 5 years that you own your EC, you cannot rent it out or sell it to anyone else who is not Singaporean. After 5 years the unit will be available for sale to Singaporeans or permanent residents, and 10 years later it will be open to foreigners. This is to make sure that ECs stay affordable and don’t become a speculative investment.
The demand for ECs is increasing, as private developers launch new projects. The Terrace Treasure Crest Northwave. These are just a few of the popular ECs. These ECs offer easy access for residents to nearby amenities like schools, malls and public transport.