An executive condominium is a housing type that is created for a special group of people. It is a special type of housing that was created to help middle-income Singaporeans own a place of their own. An executive condominium is a hybrid form of housing that has both public and private features. There are many things you should consider before you decide if an executive condominium is right for you.
Defining an Executive Condominium
An executive condominium (EC) is a type of housing in Singapore that is built and sold by private developers, but with certain restrictions in place. Bukit Batok West MRT EC is generally aimed at young professionals and families who may not be able to afford a private condominium outright. The main restrictions on ECs are that they can only be sold to Singapore citizens or permanent residents and that they must be owner-occupied for a minimum of five years.
Pros of Executive Condominiums
There are several advantages to owning an executive condominium. ECS are usually priced lower than private condominiums, and they come with a variety of amenities such as swimming pools, gyms, and playgrounds. ECS is also typically located in well-connected areas, making them convenient for commuting to work or school. The main restriction is that ECs can only be sold to Singapore citizens or permanent residents, which may make it difficult to sell the unit in the future. Additionally, ECs must be owner-occupied for a minimum of five years, so buyers will need to be sure that they are committed to living in the unit for that period.
ECS is generally a good option for young professionals and families who are looking for affordable housing that is still of good quality. ECS is also a good option for those who want to be located in a well-connected area.
Purchase Process for Executive Condominiums
The purchase process for ECs is similar to that of private condominiums. Buyers will need to submit a sales and purchase agreement to the developer, as well as a down payment of 10% of the purchase price. Once the agreement is signed, the buyer will have to pay the remaining balance of the purchase price within four weeks.
Financing an Executive Condominium
ECS can be financed through banks or HDBs. For those who are taking a bank loan, the down payment will be 20% of the purchase price. For those who are taking an HDB loan, the down payment will be 10% of the purchase price.
Maintaining an Executive Condominium
ECs require monthly maintenance fees, which go towards the upkeep of common areas and amenities. Maintenance fees are typically lower for ECs than for private condominiums.
Selling an Executive Condominium
The resale process for ECs is similar to that of private condominiums. ECS can be sold on the open market or through the HDB resale process.
Future of Executive Condominiums
The EC market in Singapore has seen a slowdown in recent years, due to a variety of factors such as the cooling measures introduced by the government. However, it remains a popular option for young professionals and families looking for affordable housing.