The executive condominiums are a type of housing that is becoming very popular in some parts of the world. The first one was constructed in the year 1994. This housing is somewhere in between private housing and public housing and they really look like private condos. They are usually enclosed and come with security and a gated compound. One other thing that can be noted about the executive condominiums is the fact that they come with all sorts of amenities that the residents can use. These include things such as playgrounds, clubhouses, and swimming pools. The executive condominiums are also usually sold and built by various private developers who are well known in the construction circles.
The construction is encouraged by the government and their construction is actually done at a much lower price. This is because the land prices come with subsidies from government. The CPF, Central Provident Fund grants can be taken by the buyers so as to assist them in paying for the executive condominiums as sold by the developers.
The executive condominiums are subject to regulations such as those that are applied to the different HBD flats. There are several limits and restrictions that have been put forward with respect to the ownership. The minimum period of occupancy for such condominiums is at least five years. During this first period, the executive condominium can be up for sale and it cannot be rented out wholly. After the first period, the citizens and the permanent residents can buy the property. After ten years have elapsed, foreigners can gain access to it.
There are executive condominiums located in different parts and the developers are usually well known in their circles. Usually, they include different blocks and come bearing hundreds of housing, residential units and most of the time they are luxurious. The establishments usually cover some sizable lands, creating space for all sorts of family related activities.
Usually, they are created in such a way that they have facilities that make life even easier. They include things such as:
· Lush landscaping
· Sky BBQ
· Tennis court
· A lap pool
The location of such projects is also thought out carefully. They are established near public transportation as well as expressways which allow commuters to connect to all other parts of the areas with great ease.
You also find that there are different amenities near such establishments. They include eating houses, minimart and shops for those with banking needs, retail and full dining needs. Apart from the amenities, education center, childcare, food court and supermarket are usually created so as to supply the resident with all the things that they may be in need of.
The units are designed in all shapes and sizes and the most essential aspect is the space that the residents are able to enjoy. Different family sizes can find a suitable unit with great ease. Grants are also given to assist citizens’ access to the property. If anyone is in doubt, financial calculations can be done so as to help you know whether you are actually eligible to purchase an executive condominium unit.