Rivercove Residences Executive Condominiums (EC) in Singapore
Executive condominiums in Singapore were introduced in order to cater for middle income Singaporeans such as professionals and graduates. It is important to note that there is no big difference between executive condominiums and private condominiums apart from the rules and regulations that govern buying and selling executive condominiums in Singapore. Executive condos are still public or government housing flats that have been built on subsidized lands. In 2018, there will only be one ec launch, it is Rivercove Residences located at Anchorvale Lane.Executive condominiums in Singapore are the posh housing structures provided by the public.
If you are planning to own a home, choosing between a private condominium and executive condominium can be difficult sometimes because there is actually no difference between these two. Executive condominiums have the same facilities spaces just like private condominiums. Rivercove Residences floor plan consists of 3 bedroom, 4 bedroom and 5 bedroom.
If you are person who does not look at the nitty gritty when buying a house and if you are looking for a posh shelter for your family, the best option would be executive condominiums that have been subsidized by the government.
On the other side if you are a person looking for a home that you can turn into long-term form of investment or something you can hold indefinitely without being restricted, a private condominium would be the best option. Owning a private condominium comes with benefits but executive condominiums are also cheap for middle income earners.
Quick differences between executive condominiums and private condominiums
Private condominiums and executive condominiums in Singapore have the same facilities and amenities but the difference could be in parking area for tenants. While executive condos in Singapore provide a single parking space, private condos on the other hand provide a larger open space for parking.
Executive condominium owners in Singapore are only allowed to sell to Permanent residents of Singapore or citizens of Singapore after five year MOP elapses. Foreigners can only be able to buy these houses after 10 years. For Private condominiums, there are no buy or sell restrictions. Anyone can buy or sell anytime.To check the elibility before the booking, one can fill up the Rivercove eapplication at the official site.
Executive condos in Singapore have a 99-year leasehold while private condos come with freehold status.
Executive condos in Singapore are priced at about 20-30% less than prices of private condominiums in the same country. Compared to private condominiums, executive condos are much cheaper and affordable.