Executive Condominiums are built like private condominiums, and they usually come with facilities such as a gym, a swimming pool, and a clubhouse. The main difference between an EC and a private condominium is that ECs are only available for Singaporean citizens and Permanent Residents, while private condominiums can be bought by foreigners. In addition, you must have a monthly household income of less than $16,000. If you are married, your spouse’s income will also be taken into account.
Other than that, Executive Condominiums and private condominiums are very similar. They are both built by private developers, and they usually come with similar facilities such as a gym, a swimming pool, and a clubhouse.
There are both pros and cons to purchasing an Executive Condominium. Some of the advantages of ECs include the following:
- ECs are more affordable than private condominiums. This is because ECs are subsidized by the government, and they come with a lower price tag.
- ECs are built like private condominiums, so they usually come with high-quality finishes and facilities.
- ECS is located in prime locations, as the government only approves EC projects that are located in well-connected areas.
Process of Purchasing an Executive Condominium
If you are interested in purchasing a Bukit Batok West MRT EC, the first step is to find a project that you are interested in. You can do this by visiting the show flats of different EC projects, or by searching for EC projects online.
Once you have found a project that you like, the next step is to submit your application. You will need to fill out an application form and submit it to the developer, along with the required documents.
After your application has been approved, you will need to pay a booking fee to reserve your unit. Once the unit is ready, you will need to pay the remaining balance and sign the sales and purchase agreement.
Rules and Regulations
There are a few rules and regulations that you need to be aware of if you are considering purchasing an Executive Condominium.
- ECs are only available for Singaporean citizens and Permanent Residents. In addition, you must be at least 21 years old and you must not own any other property in Singapore or abroad.
- Another rule to be aware of is the resale restrictions that are placed on it. This means that you will have to wait for a certain number of years before you can sell your EC unit.
Maintenance and Upkeep of Executive Condominiums
The maintenance and upkeep of Executive Condominiums is the responsibility of the management committee. The management committee is made up of EC owners, and they are responsible for ensuring that the common areas of the EC are well-maintained.
Resale of Executive Condominiums
If you want to resell your Executive Condominium, you will need to wait for a certain number of years before you are eligible to do so. The number of years that you have to wait depends on the rules of the particular EC that you are residing in.