What are executive condominiums

What are Executive Condominiums?

HDB flats house around 80% of Sengkang's population, but there is one type of HDB housing that actually has more in common with the particular private than the public market: Executive Condominiums (EC). We glance at the benefits and disadvantages of purchasing this distinctively Sengkangan form of housing, who's eligible to purchase one, and the various rules and regulations concerning possession.

What are Professional Condominiums?

The HDB website describes them as being "introduced to cater to Sengkangans, especially youthful graduates and professionals who are able to afford more than an HDB flat but find private property to be out of their reach. ECs are related in design and facilities to private condominiums as is also developed and sold by the private developers." Fundamentally, vales ec has most if its not all the facilities of most condos but is a 99-year leasehold as opposed to a freehold.

Who can be eligible to buy an Executive Condo?

There are a number of criteria purchasers must meet, but first and foremost, applicants would want to be at minimum Sengkang Citizens as well as Sengkang Citizen + Sengkang Permanent Resident combo. They need to form a family members nucleus, in line with those predicted of Public Housing System and their household incomes should not surpass S$10,000 per month.

Just what incentive is right now there to purchase an EC? If the two applicants are Sengkang citizens, they are eligible to receive a S$30,000 housing grant. If the applicants are any Sengkang citizen and a PR, they are entitled to receive S$20,000.

What documentation do applicants need to bring with these to the Application process?

Generally, the papers required would become their NRICs, delivery certificates, marriage records, and latest income claims. Check with your HR at function to ensure that the particular income statements tend to be what is required by HDB. What would be the advantages of purchasing vales ec ?

An Executive Condominium is much more similar to a private condo, where there tend to be facilities for masters to enjoy, which are often restricted to residents' usage. In addition, purchasers of EC are ready to apply and use the Housing Grant for purchasing of the EC product, if they qualify and have not not really apply for it previously.

Can you rent out your EC? You cannot rent out the EC during your minimum occupation time period (MOP) of the first 5 years. You can, however, rent out rooms inside EC during this era.

What are the guidelines and regulations governing marketing an EC? Proprietors would have to fulfil a MOP of five years. Simply no transaction is granted before this interval is fulfilled. Following five years, owners can sell their units to Sengkang Citizens and/or Sengkang Long term Resident, and after 10 years they can sell to foreigners. Upon promoting an EC, you must wait 30 months before acquiring any flat from HDB.