Executive Condominiums, The New Way Of Housing

The executive condominiums are a type of housing that is becoming very popular in some parts of the world. The first one was constructed in the year 1994. This housing is somewhere in between private housing and public housing and they really look like private condos. They are usually enclosed and come with security and a gated compound. One other thing that can be noted about the executive condominiums is the fact that they come with all sorts of amenities that the residents can use. These include things such as playgrounds, clubhouses, and swimming pools. The executive condominiums are also usually sold and built by various private developers who are well known in the construction circles.

The construction is encouraged by the government and their construction is actually done at a much lower price. This is because the land prices come with subsidies from government. The CPF, Central Provident Fund grants can be taken by the buyers so as to assist them in paying for the executive condominiums as sold by the developers.

The executive condominiums are subject to regulations such as those that are applied to the different HBD flats. There are several limits and restrictions that have been put forward with respect to the ownership. The minimum period of occupancy for such condominiums is at least five years. During this first period, the executive condominium can be up for sale and it cannot be rented out wholly. After the first period, the citizens and the permanent residents can buy the property. After ten years have elapsed, foreigners can gain access to it.

There are executive condominiums located in different parts and the developers are usually well known in their circles. Usually, they include different blocks and come bearing hundreds of housing, residential units and most of the time they are luxurious. The establishments usually cover some sizable lands, creating space for all sorts of family related activities.

Usually, they are created in such a way that they have facilities that make life even easier. They include things such as:

· Lush landscaping

· Sky BBQ

· Tennis court

· Clubhouse

· A lap pool

The location of such projects is also thought out carefully. They are established near public transportation as well as expressways which allow commuters to connect to all other parts of the areas with great ease.

You also find that there are different amenities near such establishments. They include eating houses, minimart and shops for those with banking needs, retail and full dining needs. Apart from the amenities, education center, childcare, food court and supermarket are usually created so as to supply the resident with all the things that they may be in need of.

The units are designed in all shapes and sizes and the most essential aspect is the space that the residents are able to enjoy. Different family sizes can find a suitable unit with great ease. Grants are also given to assist citizens’ access to the property. If anyone is in doubt, financial calculations can be done so as to help you know whether you are actually eligible to purchase an executive condominium unit.

What You Should Know About the Ownership of Executive Condominiums

Executive condominiums are one of the best housing solutions that people go for today. In most cases, they are affordable and they can house a lot of people at the same time. There are various criteria to meet so as to be able to own an Executive condominium. Understanding the whole process can be of great help as it makes it much easier.

Documentation

There are different documents that one needs to provide during the process of application. Some of the documents that you may need to provide include income statements, marriage certificates, and birth certificates, NRICs among others. The best thing to do is to make sure that all the income statements are checked by the HR so as to ensure they are exactly what the HBD need.

Advantages of buying an Executive Condominium

There are different advantages that come with owning an Executive condominium. It is very similar to a private condo. In this case, there are facilities that the owners can enjoy and, usually, the facilities are meant for the use of the residents. The people applying for the Executive Condominiums can actually make use of a housing grant so as to get assistance with the purchase. The grant is given only to the eligible people who may not have applied for the grant at a previous date.

Renting the Executive Condominium

When you get your Executive Condominium, there are rules that govern how you can use it and one of the things that you will note is that you aren’t allowed to rent it out during the MOP in the first 5 years. MOP stands for Minimum Occupation Period. If there are other rooms within the Executive Condominium, you are allowed to rent them out within this same period.

Rules and regulations

There are different rules and regulations that govern the selling of an Executive Condominium. The owners need to fulfill MOP that covers five years. There is no transaction that can take place within this period and it has to be fulfilled first. After the five years that are set, the owners are at liberty to sell their units to other citizens or other permanent residents. After 10 years have elapsed, the Executive Condominium can be sold to foreigners. After the sale, there is a need to wait for some 30 months before you can buy any other flat directly from the HBD.

There are lots of properties being set up within the country and they are prestigious in nature. The establishments are usually able to offer lots of residential units that are luxurious. At some establishments, strata houses are usually included and most times they are exclusive. At times, shops and child care centers are also included so as to add to the convenience of the different residents.

Pools are also included with the establishments and they are very large ones in most cases. Different units are also made available and they include 1 bedroom units, 2 bedroom units, 3 bedroom compact units, 3 bedroom units, 3 bedroom plus study units, 3 bedroom dual key, 4 bedroom compact, 4 bedroom, 5 bedroom, penthouse, strata terrace, strata semi Detached.