Purchasing an Executive Condominium or EC in Singapore can be a great idea as it offers great living conditions at extremely reasonable prices.The ECs in the city are some residential properties that are developed by the housing authority of Singapore (the Housing and Development Board or HDB) for the citizens of the city. These properties can be privatized after a period of 10 years, after which the values of these properties rise significantly.
Moreover, these executive condominiums are also popular choices for people who are unable to afford the prices of regular residential condo units developed by private developers. After all, private residential condominiums in the city do come at a hefty price, and this price is often beyond the budgets of a large number of people with average incomes. There are, however, a number of requirements that need to be fulfilled by a person if they wish to own or purchase an EC in Singapore.
The most important thing that a person must note is that that an EC can only be purchased by a person who is a citizen of Singapore. Foreign nationals living in the city-state are not eligible to buy any kind of HDB properties, and even landed properties. Foreigners living in Singapore can only purchase and own HDB properties after they are privatized, and the privatization of the HDB properties can be done only after a local citizen has occupied the same property for at least 10 years.
In order to purchase or own an executive condominium in upcoming properties like the Signature at Yishun, a person would have to enter a balloting system. The people, whose names are drawn in the ballots, will be offered the chance to purchase the ECs. On the other hand, if there are EC units available in an already-constructed executive condominium-building, people can simply apply for a purchase depending upon their eligibility.
People applying for an EC purchase must have an average income of under $12,000 every month. People with higher salary or income structure are eligible to purchase the high-end ECs that usually come with 4 or 5 bedrooms. Salaried persons must produce the pay-slips for the latest 3 months for the verification of salary-structure. There are also a number of other financial requirements that need to be fulfilled in order to own ECs in complexes like the Signature at Yishun EC.
Executive condominiums can offer the lifestyle of private condominiums in the city, albeit at much lower costs. People eligible to purchase and own ECs must apply for one to enjoy quality life in Singapore.
Property real estates 