Executive Condominiums (ECs) are the most popular and best-selling housing units in Singapore and there are some solid reasons behind their huge popularity, these include:
- Executive condos are offered at a subsidized price since the government provides the land on which these residential buildings are built.
- Since they are a cross between private and public housing, executive condos in Singapore are designed, constructed, marketed, and leased by private parties/builders but you have to follow government rules and regulations to own one.
- Executive condos offer all the amenities such as a vigilant and round the clock security system, covered car park, swimming pools, gyms, clubhouses, tennis courts, community halls and much more.
- The price of an executive condo in Singapore is lower than the price of a private condo in a private property such as Martin Modern.
- Singaporeans and Singaporean Permanent residents can apply for and use the CPF Housing Grant for purchasing an executive condo.
- On completion of 5-year MOP, an executive condominium can be sold to a Singaporean or a Singaporean resident at a fair market price and to a foreigner after completion of 10-year MOP (minimum occupancy period).
- Executive condos hold a good rental and after sale value.
In order to enjoy all these benefits of living in an executive condo, you have to first find one. Here are some helpful tips that can help you find the best executive condominium in Singapore:
Before you proceed any further, you need to check whether you are eligible to apply or book such a condo. Since there is a great demand for these condos in Singapore, the government has set some rules and requirements to ensure only eligible applicants can apply and secure a condo. These eligibility requirements include your age, citizenship status, family nucleus, property ownership, and income eligibility.
Since executive condos are in great demand in Singapore, you have to decide quickly and take the first step before it is too late. Time is a big factor when buying an executive condo in Singapore. Do not take a risk just because you think it is not the right time and that you should wait for chances till the market comes down. If the price of the executive condo fits your budget, you should make the decision.
Your Personal Requirements
Although you cannot expect the same kind and class of extra features in an executive condo that you get in a private condo such as Martin Modern condos, you need to avoid choosing a condo that offers extra features that you do not need, which in turn might save some money.
Location is another important factor which will ultimately decide the future value of your executive condo. If you are already keen on a condo, you can head to the condo’s Showflat for example, to find its exact location and what important landmarks are near to it.