So far, the HDB Executive Condominiums program has seen many buildings developed and completed. It’s simple to understand underlying reasons: you get to experience condominiums living’s architecture, amenities, and culture while getting federal incentives. Nevertheless, these advantages come with limitations and constraints. When considering whether to buy a private condominium or a HDB Executive upcoming condo launch singapore, here are a few advantages and disadvantages to consider.
- Eligibility to purchase: If you wish to buy a newer Executive Condos, you must meet any one of the HDB’s prerequisites, which include the Public Program, Finance/Fiancée System, Orphans System, and Combined Singles System. The primary petitioner must be over the age of twenty-one, and the co-borrower must have Permanent Residence. Both candidates must be nationals over the age of thirty-five when seeking underneath the Combined Singles Program. You shouldn’t own or have sold any personal land abroad or domestically in the last thirty months, as with other HDB unit acquisitions. But on the other side, there are no such requirements when purchasing a personal condo.
- Minimum occupancy period and ownership restriction: You must complete the five years Minimum Occupied Time after buying an Executive Condo before renting or selling it. Executive Condo owners could only resell their apartments to Legal Residents following their five years MOP. The Executive Condo becomes liberated of such limitations only after ten years, and landowners can sell the Executive Condo to anybody. There have been no limitations for personal condos from the start.
- Purchase priority: HDB has ordered that a minimum of seventy percent of houses for sale be allocated for the individuals who are buying for the first time in condition for Executive Condos to meet their purpose of delivering a house for newer families. The remaining apartments can be leased or sold to those looking to upgrade from some other Apartment. When purchasing personal land, on the other hand, you are vying with everybody who is engaged in the same project.
- Pricing and financing: While purchasing an Executive Condo, you may be eligible for some amount of HDB subsidies, whereas there are no state grants available for private real estate properties. In addition to the subsidies, Executive Condos have been proven to be a minimum of twenty percent less expensive than equivalent privatized condos, making them appealing to all those who qualified and don’t care about the limitations.
Hope the above-mentioned advantages and disadvantages will help you to take a right decision.