Executive Condominiums- Why Are They Considered As Decent Buys?

There are various types of residential properties to be found in the city of Singapore. On one hand, there are single-unit homes like landed houses and villas while, on the other hand, there are community-styled homes like apartments, flats, and private and executive condominiums. Hence, a person in the city with a desire to purchase a home for their family will be able to find plenty of options before them. It all comes down to the type of property they wish to avail.

The private and executive condominiums in the city appear to be the most attractive options of housing, but they are only suitable for people do not mind the community lifestyle these housing systems have to offer. In fact, condominiums have become some of the most sought after residential properties not only in Singapore, but across all major cities in the world. This is primarily due to the extravagant quality of lifestyle that these housing systems have to offer coupled with the numerous facilities on offer. However, when it comes to choosing between private and executive condominiums, the latter seem to enjoy more preference than the former.

So, what are executive condominiums?

Residential properties in the city of Singapore can be categorized under two primary groups. The first group comprises of the Public housing properties, which include all properties developed by the housing authority of Singapore, the Housing and Development Board or HDB. HDB properties include flats, apartments and executive condominiums. On the other hand, there are several private and landed properties that include landed private homes, private condominiums and high-end homes like villas, bungalows, etc. These properties are developed by private developers and contractors.

Executive condominiums, also known as ECs, are developed in the design of private condominiums, but they are public housing structures as they are developed by the HDB. These ECs like the Signature at Yishun are meant for those people in the city who are unable to afford the high prices of private condominiums and other similar private properties. Although the facilities and quality of lifestyle offered by both are pretty much similar, the prices of ECs in the city are relatively much cheaper than those of private condominiums.

Why are executive condominiums considered decent buys?

One of the best aspects of ECs in the city is that they offer some facilities that are only reserved for private condominiums. Some of these facilities include swimming pools, gymnasiums, extra security, etc. Hence, people who buy ECs can get to enjoy the fine lifestyle of private condos albeit at a much cheaper cost. ECs, however, certain restrictions in regards to their ownership and use, which restricts foreign nationals from using or owning ECs, like the Signature at Yishun EC. On the other hand, if one was to consider that these restrictions are only applicable for a maximum period of 10 years, after which the property can be privatized, an EC purchase would certainly seem like a good deal. Price appreciation rates of ECs are way better than that of private condos.

Hence, owners of ECs will be at a great position after the restrictions are lifted. This makes ECs great purchase options when looking to obtain residential properties in a city like Singapore.