Many properties are being developed within the country and it is without a doubt that they are admirable in nature. Establishments such as Rivercore residence EC are in the right position to offer many residential units that is most definitely luxurious in terms of design. In some other establishment, divisional houses or perhaps strata houses are included more often and at most times they are exclusive. In most cases, childcare centers and shops will be made available for the residents just to provide ease.
On the other hand, pols will be included within the establishment, it is without a doubt that the pools i9n question will be large ones that can obviously meet the needs of the various residents. There are varying units that will be established and they include strata terrace, penthouse, 5 bedrooms, 4 bedrooms, 4 bedroom compact, 3 bedrooms dual key, 3 bedroom plus study units, 3 bedroom units, 3 bedroom compact units, 2 bedroom units, 1 bedroom units, strata semi-detached.
There are various regulations and various rules that govern the act of putting up an executive condo for sale. The owners of such property would have to fulfill MOP that covers about five years. During this five years period it is important you are aware of the fact no business of any nature can occur, the period would have to be fulfilled. Right after the period set in place, the owners of such properties can freely put the property for sale. Soon after 10 years have elapsed, the Executive condo can be sold to a foreigner. However, after the 5 years period, it is liable to be sold to other citizens or permanent residents.
Rules and Regulations Governing the Sale of Executive Condominiums
You can only find ECs at Singapore, since they are the ones that established these standards of living. Because it is difficult for foreigners to own a property in Singapore, the ECs are offered to them.
The Rivercove Residences EC is of such types. The ECs were first built back in 1999, which is a private and hybrid housing. They are pretty much like the private condo units and are found in an enclosed gated compound that has a security, various amenities like clubhouses, playgrounds, swimming pools and so on. These are also developed and sold by the private developers, but they are offered at a lower price compared with private homes since the land prices they are built upon are all subsidized by the government. Added to that, the buyers can take on the CPF or Central Provident Fund grants that will be paid for the EC purchased from the developer.
Because of this, the EC is subjected to a couple of regulations wherein it applies to the HDB flats.
The household income of the buyer must not go beyond $14,000 in order for them to get qualified for an EC purchase. The limit was raised up from the previous amount of $12,000 back in August 2015.
If a buyer wants to buy directly from the developer, they are expected to occupy the flat for a minimum of 5 years. The EC then in this can’t be sold or even rented as a whole. After 5 years, the EC can only be then sold to locals or those that hold Permanent Residency. It can only be sold to foreigners once the flat has reached 10 years of age.
Back in December 2013, HDB has announced that the ECs will be subjected to Resale Levy. It refers to the lump sum payment that is made to the HDB when the buyer has purchased the second subsidized home. Yet this will only apply to the ECS wherein its land sales were once launched on is after December 9, 2013. As of this writing, there are a number of ECs made available that are not subjected to this Resale Levy.
The Executive Condominiums were first marketed as a way for the young professionals and graduates of Singapore that can afford more than the HDB flat yet can’t for a private property. The Executive Condominiums are similar in facilities and design to that of private condo units since they are sold and developed by private entities. Instead of being a freehold, the EC has most of the facilities that condo units have, but comes with a 99-year leasehold.
Unlike owning a property in Singapore, buying an EC is much less complicated. There are a couple of requirements that the buyer must meet in order for them to be able to buy an EC. At least, they need to be a Singapore Citizen or a combination of this plus a Permanent Resident status. They are expected to form the family nucleus that is in line with the Public Housing Scheme.