Singapore’s executive condominiums: A brief introduction

Over the last couple of years, prices for residential properties have increased dramatically. Property prices have also risen substantially due to private developments and increased demand. Singapore experienced the same scenario, as residential property prices rose significantly during the last two decades. This is good news to investors who are looking for properties they can sell at the best time. See Grand Dunman showflat to get more info.

However, this has caused concern among the people who live in cities and do not earn enough to be able to afford the properties. Many of these properties cost too much for the average person to afford. But the government, in conjunction with the local housing authority, has come up to a solution that allows these individuals access to affordable and cheap homes. HDB has developed flats and apartment for those with low-income. All people earning between $8,000 to $10k per month are eligible to purchase these HDB-developed homes.

It is possible to find people earning more than $10,000. However, this amount does not allow them to afford private city properties. It is illegal for them to purchase HDB apartments or flats. HDB has executive condos managed by them, like Signature at Grand Dunman EC. These ECs will be available for people with a net monthly income of between $10,000 to $14,000. Executive condominiums are condos that have been developed privately, yet are sold only at reduced prices to Singaporeans. Residents will be able to take advantage of similar amenities to private condominiums – but for much less money.

As these properties will be managed by HDB, developers are eligible for government subsides. HDB and city governments also offer grants and subsides to the buyers of these homes. Buyers can easily afford the properties with these grants and loan assistance. In addition, there are a few tax exemptions for buyers that could help them save a great deal of money.

If you are looking to purchase a property in the big city, then an executive apartment is the way to go. One small issue arises when purchasing an EC. It is illegal for buyers to lease or sell ECs until the respective minimum period of five and ten years. This is the period for which buyers are required to reside in the home before they can sell it. At the time of privatization, HDB can sell all its properties. Hence buyers of ECs at Grand Dunman Signature, for example, are not allowed to sell their home until they have lived in it at least five or ten years. ECs do make excellent investments aside from that one aspect.