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Thread: Reasons behind the Rise in demands for Executive Condominiums after a Long Time

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    Default Reasons behind the Rise in demands for Executive Condominiums after a Long Time

    There are various types of residential properties to be found in the city of Singapore. On one hand, there are single-unit homes like landed houses and villas while, on the other hand, there are community-styled homes like apartments, flats, and private and executive condominiums. Hence, a person in the city with a desire to purchase a home for their family will be able to find plenty of options before them. It all comes down to the type of property they wish to avail.

    Executive condominiums had become somewhat of a trend in Singapore in the late 20th century. These housing structures were first introduced in the city as a measure of the government to curb the growing demand for homes among the people living in it. These executive condominiums, or ECs as they are commonly known as, served as a cheap alternative to the very expensive private homes occupied by most of the people back then. The ECs developed by the development board of the government helped to offer homes to a large number of people in the city, and curbed the demand to a great extent.

    These forms of housings were, however, soon discontinued, and the focus of the Housing and Development Board of Singapore, or the HDB, shifted towards the constriction of flats and apartment-styled homes. Recently, however, the much popular ECs have risen again to gain prominence among the HDB, and a number of HDB projects in Singapore have now been announced by them. These projects will be developed across a number of different locations around Singapore. Hence, during the turn of the coming decade, a large number of people in the city will be able to purchase homes for their families at very inexpensive and easily affordable prices. ECs are popular among the common masses here due to a number of reasons.
    Executive condominiums in the city, like those of the Signature at Yishun, are available for purchase at much lower prices than the many private condominiums here. Even though the cost of these properties are a little more than those of the flats and apartments offered by the HDB of Singapore, but the HDB flats and apartments are the only residential properties in the city that are cheaper.
    The facilities and amenities offered by the ECs in Singapore are very much similar to those offered by the many private condominium complexes in the city. Facilities like swimming pools, gymnasiums, parking spaces, playgrounds or children's parks, power back-ups, 24X7 running water, etc. are common features of the many upcoming ECs being developed here.
    Due to the fact the executive condominiums are not available for purchase for the many foreign nationals living in the city, competition for these properties in very less. Hence, citizens do not have to go out of their way in order to afford or purchase a house in Singapore in one of the many executive condominium complexes. This is also one of the most important reasons behind the low price tags of these executive condominiums properties like the Signature at Yishun EC.
    A number of regulations are also applicable for occupants of these ECs, and hence, not every citizen of the city is eligible to obtain these properties. Hence, very few people are able to buy such properties. This is also an important factor that contributes to the low price tag of the executive condominiums in the city.
    Buying condominium in Singapore can make a great home. Hence, they prove to be great investments for people looking for homes in the city.

    The private and executive condominiums in the city appear to be the most attractive options of housing, but they are only suitable for people do not mind the community lifestyle these housing systems have to offer. In fact, condominiums have become some of the most sought after residential properties not only in Singapore, but across all major cities in the world. This is primarily due to the extravagant quality of lifestyle that these housing systems have to offer coupled with the numerous facilities on offer. However, when it comes to choosing between private and executive condominiums, the latter seem to enjoy more preference than the former.

    So, what are executive condominiums?

    Residential properties in the city of Singapore can be categorized under two primary groups. The first group comprises of the Public housing properties, which include all properties developed by the housing authority of Singapore, the Housing and Development Board or HDB. HDB properties include flats, apartments and executive condominiums. On the other hand, there are several private and landed properties that include landed private homes, private condominiums and high-end homes like villas, bungalows, etc. These properties are developed by private developers and contractors.
    Executive condominiums, also known as ECs, are developed in the design of private condominiums, but they are public housing structures as they are developed by the HDB. These ECs like the Signature at Yishun are meant for those people in the city who are unable to afford the high prices of private condominiums and other similar private properties. Although the facilities and quality of lifestyle offered by both are pretty much similar, the prices of condo in Singapore are relatively much cheaper than those of private condominiums.

    Why are executive condominiums considered decent buys?
    One of the best aspects of ECs in the city is that they offer some facilities that are only reserved for private condominiums. Some of these facilities include swimming pools, gymnasiums, extra security, etc. Hence, people who buy ECs can get to enjoy the fine lifestyle of private condos albeit at a much cheaper cost. ECs, however, certain restrictions in regards to their ownership and use, which restricts foreign nationals from using or owning ECs, like the Signature at Yishun EC. On the other hand, if one was to consider that these restrictions are only applicable for a maximum period of 10 years, after which the property can be privatized, an EC purchase would certainly seem like a good deal. Price appreciation rates of ECs are way better than that of private condos.

    Hence, owners of condos will be at a great position after the restrictions are lifted. This makes condos purchase options in Singapore when looking to obtain residential properties.
    Last edited by reporter2; 25-06-19 at 19:34. Reason: REMOVAL OF ADVERTISING URL

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