Executive condominiums, also referred to as ECs or executive condos, are a housing type that is very popular and exclusively found only in Singapore. If someone asks what an executive condominium in Singapore means, the most common answer is that it is a hybrid of private and public housing in Singapore.
Such housing types in Singapore are a perfect blend of city-fringe locations and luxurious living and offer a lot of lavish amenities that many can only dream of in public housing in Singapore. The executive condo was first built in Singapore in the year 1990. The one thing that separates this type of housing from many private condos in the city is that although ECs offer all the amenities and comforts of a private condo, they come with some pre-defined rules and regulations from the government that the residents must adhere to.
As private condos are very much expensive for a middle class, executive condominiums like the Rivercove Residences in Singapore are built to meet the needs of many residents who have enough to buy better than what public housing offers but not enough to soak themselves in the grandeur of a private condo. But then executive condominiums are bound by some mandates from the government and carry some eligibility criteria to be met first. Some of those eligibility criteria are that one must be a Singaporean citizen, must not have an income of more than $14,000 per month and must not have bought another property in the last 30 months or so.
Regarding living in an executive condominium in Singapore, there are a lot of positive factors. Executive condos offer a lot of inner space and floor area inside the house than many private condos do not for a much lesser price. Other amenities that executive condos offer to their residents are things like parks, swimming pools, beautifully landscaped gardens, round-the-clock security, gyms and fitness centers, tennis and sports courts, event rooms; children play areas, recreational zones and open barbeque areas.
So while there are many amenities you get to enjoy when you live in an executive condominium in Singapore, you must consider all of its government mandates before you commit. Unlike in private condos, the executive condos come with a minimum occupancy tenure of about five years before which you cannot rent or sell your condo to anyone else. Additionally, you can sell it to only the citizens or permanent residents of Singapore. Can you sell it to foreigners? Although it is not favorable, yes you can sell your executive condo to a foreigner but only after a minimum occupancy tenure of 10 years.
So it all comes down to wise decision making when you are wondering whether an executive condominium in Singapore is your way to go. If your objective is to spend the minimum to get a shelter for your family and all the amenities that a family really needs, executive condos can meet all your needs. Located at key locations in the city and subsidized by the government, living cannot get any better and affordable in Singapore.