Rivercove Residences and Executive Condominium in Singapore
Executive Condominium in Singapore
Executive Condominium is a housing system in Singapore. This type of housing was introduced in Singapore in 1999 as a hybrid of private and public housing. They are almost similar to private condos because they are normally within a gated compound with an installed security system, amenities such as clubhouses, swimming pools and playing grounds. In terms of amenities and facilities, an executive condominium is similar to a private condominium.
In Singapore real estate, these houses are mostly developed by private developers before being sold. For example, the next executive condominium to be launched, Rivercove Residences, is developed by a reputable developer Hoi Hup. Buying an executive condominium in Singapore is cheaper than buying a private home because these private condos are built in land that has been subsidized by the government. This therefore means that before a private developer builds a private condominium in Singapore, certain regulations and codes must be followed before being given an approval by relevant authorities.
Executive condominiums were introduced in Singapore to make it easy for middle income earners to buy a home. People such as young professionals and graduates who could not afford a private home could now find it affordable to buy an executive condominium.
For instance, the main regulation states that the person buying an executive condominium should not have an income exceeding $14,000. In 2015 this figure stood at $12,000 but it was later raised to $14,000.
Another regulation surrounding sale and buying of executive condominiums in Singapore, there is usually an occupancy period of 5 years minimum when it comes to direct purchases from a proprietor or developer. During this time, the executive condominium cannot be sold rented or sold out whole.
After 5 years have elapsed, only residents or citizens of Singapore are allowed to buy the executive condominium. Foreigners can only buy such executive condominiums after ten years have passed.
Executive condominium is a successful and affordable housing which comes with quality facilities and finishes matching private condominiums. It’s also cheap to maintain these houses. The only fees owners pay for maintenance is for car park purposes only. Every owner is entitled to a single car parking space only.
Executive condominiums in Singapore are a housing structure that has enabled many middle income earners to find a comfortable and affordable place to call home. For all the executive condominium launch, the developer will have a showflat. Rivercove Residences showflat will be open for viewing before the booking of the unit. Upon checking up the Rivercove Residences pricing, buyers are advised to check with the banker on the loan amount.The regulations surrounding these houses have made it easy for anyone to buy and own a home.
Everyone wants to own a home and if you are a middle income earner in Singapore looking for a house, the best option would be to go for executive condominiums.