The housing authority of Singapore, Housing
and Development Board or HDB, have constructed a large number of HDB flats,
apartments and small houses for the citizens of the country. There are,
however, a number of regulations and limitations that apply to the people
buying these homes. Moreover, not everybody is allowed to buy these homes. People
who exceed the gross monthly income of $10,000 are not allowed to buy these
homes.
The government of Singapore has also
prepared a set of homes for these groups of people, who earn more than $10,000,
but not enough to afford the private homes in the city. These homes are known
as executive condominiums, and are also known to many as ECs. ECs are a form of
hybrid homes for the sandwiched section of the Singaporean population in the
manner that they are constructed, developed and sold by private constructors
and developers, but managed and sold on behalf of the HDB. These units are only
sold to Singaporean citizens and foreigners are deemed ineligible to purchase
these properties.
One of the finest aspects of ECs is that
since they are developed by private developers and contractors, they offer
facilities which are quite similar to those offered by other private
condominiums in the city. Hence, people who buy ECs in properties like the Signature
at Yishun can enjoy similar facilities. Moreover, they can do so
without having to pay the high costs of the private condominium units as ECs
are available for purchase at subsidized rates. Developers receive substantial
subsidies in regards to the development of EC establishments, and hence, they
are able to sell these units at a much cheaper price than private condo units.
Hence, if you are thinking about buying an
executive condominium in order to make it your home, you can certainly go
through with your plan. It will help you to buy a home of comfortable living
conditions for your family in a city like Singapore. You must, however,
understand that these properties are not good purchases in case you have rental
income in mind. You cannot lease out or sell your property within the Minimum
Occupancy Period (MOP), which is at least 5 years when you are selling to a
local citizen and 10 years in case you are selling to a foreigner.
EC projects like the Signature
at Yishun EC still make great investments as you will receive great
capital appreciation once the property is privatized, and you can incur great
profits in the end. Moreover, they will make a great home
with luxurious living conditions for your family.
Source ▬► https://goo.gl/puZKqi