Executive Condominiums: A New Age of Luxury Affordable Living
Singaporeans have increasingly chosen to live in Executive Condominiums over the last few decades. The Executive Condominium is a hybrid of private and public housing that provides luxurious, affordable housing to Singaporeans in the middle-class. We will discuss the benefits of Executive condominiums and explore why this is a popular choice among many Singaporeans. See Altura EC showflat for get more info.
Development of executive condominiums involves a collaboration between private developers and the government. Land is sub-subsidized by the government to private developers who build and sell properties. This development meets the same requirements as private condominiums at a cheaper price.
Affordability is one of the main benefits that Executive Condominiums offer. Prices of Executive Condominiums tend to be 20-30% cheaper than comparable private condominiums. The price is attractive to middle class families looking for a luxurious lifestyle at a low cost.
However, when purchasing or owning an Executive condominium unit there are restrictions. In the first period, usually five years, the unit can’t be sold to non-Singaporeans or Non-Permanent Resident. After a period of five years the unit is sold only to Singaporeans, Permanent Residents and foreigners.
Executive Condominiums are able to offer amenities comparable with private condominiums, despite the limitations. The facilities offered include gyms with BBQ pits, playgrounds, swimming pools and more. The amenities offered by these condominiums allow residents to enjoy luxurious living without paying the high prices associated with private condos.
Singapore’s Executive Condominiums have increased in number in recent years. Piermont Grand Parc Canberra, The Ola, are just a few of the many popular developments. They are located strategically in the best locations and provide easy access to all amenities, such as malls, schools, public transport, and shopping centres.
Executive Condominiums can be a great investment. As Executive Condominiums appreciate over time, they are a good option for property investors. They are therefore a popular option among Singaporeans looking to invest in property for the long term.