10 Facts You Should Know About Executive Condominiums
On April 01, 2018, Sunday, the lavish 628 -unit Executive Condominium in Rivercove Residences nestled around Anchorvale Lane of Sengkang are open to the public for an e- application.
There are over 3,000 Singaporeans who made their way to see the show flat, which can be accessed easily at the corner of Sengkang East Avenue and Anchorvale Lane.
Developed by the eminent Hoi Hup Sunway, a partnership between the two great powerful developers, the Sunway Developments and Hoi Hup Realty, considered the sole new EC officially opened and introduced to the public way back 2018.
The E -application covers until April 11, and bookings will end on the 14th of April. For Singaporeans who are interested to buy an Executive Condominium, significant facts you must be aware of:
1. ECs are a combo of public and private housing developments that cater buyers from different walks of life who wished to acquire a condo but unfortunately don’t have enough financial capability to own a private property.
2. Build and marketed by private developers, thus manipulating the prices, often each unit or flat of executive Condominium are pricey compared to HDB flats. But what consoles the buyer are its layouts and features which closely resembles the private condos.
3. Locals of Singapore who have valid citizenship and forms a family can avail the privilege of owning a new Executive Condominium. Also, those unmarried at age of 21 and above can only buy EC at the secondary market. This goes true to the foreigners who wish to own an Executive Condominium.
4. To enjoy the privilege of owning the newest Executive Condominium a certain household must have a gross monthly income of at least $14,000. An exemption to the rule is the Resale ECs.
5. More or less, the 70 percent of the units are saved for the first time buyers on its initial period of introduction to the public.
6. The Executive Condominium has limited slots only for the reason that the developers can have the chance to launch the project after the 15 months period from the awarding of the area or site.
7. Those who purchased the recent launched Executive Condominiums are liable for a Mortgage Servicing Ratio cap of 30 percent of the total income per month.
8. The repeat buyers who wished to purchase again Executive Condo project is obliged to pay as high as $50,000 for the resale levy.
9. In contrast to the resale HBD units, buyers of Executive condos under an open market are considered not valid to enjoy the CPF Housing Grant because such property is treated under private housing scheme.
10. FYI, Executive Condominiums can be sold only in the open market provided a five-year Minimum Occupation Period has been reached.