Whether you are purchasing your first home or upgrading your current one, here’s why you might want to pick an executive condominium.
The perennially popular EC, or executive condominium, is a distinctive type of housing in Singapore.
While there is usually a clear divide between public and private housing in Singapore, ECs straddle the two categories. They are allotted and regulated by the government, but built by private developers, so their design and facilities are comparable to that of private condominiums.
Similar to buying HDB flats, eligible Singapore citizens can enjoy subsidies and grants, but only under certain circumstances. HDB has a useful guide to frequently asked questions about ECs and eligibility.
Like with new HDB flats, a Minimum Occupation Period of five years applies before one can sell the unit to another Singapore citizen or PR. However, after ten years, the restrictions governing public housing no longer apply, so one can sell it to anybody, often at a decent profit.
So, why is this hybrid housing type so popular? Potential capital appreciation aside, here are some compelling reasons for both young couples and growing families to make the move.
Newlyweds looking for their first home often go for the ubiquitous BTO, but, if your budget allows it, an EC is worth considering as well.
Unlike a private condominium, which might be too expensive for a young couple, an EC is a feasible entry-level home thanks to CPF grants for first-time housing applicants. Lower-income households are eligible for larger grants. For example, the maximum grant of $30,000 is offered to those with a household income of $10,000 or below.
With such grants on top of the more affordable unit price, ECs can be said to offer a condominium lifestyle at a subsidized price.
You can enjoy the perks of living in a condominium, such as exclusive facilities and beautifully landscaped grounds. The upcoming Rivercove Residences EC in Sengkang has not one but three separate swimming pools, two clubhouses, lounges and lawns for just about any kind of entertainment or relaxation, and even a nature zone that seemingly merges with the nearby Sungei Punggol.
For busy young couples, convenience might just be the ultimate luxury. Just picture being able to work out, play your favourite sports, unwind with yoga and gather with friends or family, all without having to leave the home.
Many new ECs come outfitted with smart home capabilities, so that household chores can be done almost at the touch of a button (or even remotely!). You can also enjoy instant access to a range of service providers from caterers to plumbers to tennis coaches.
When the time comes to consider starting a family, an EC home offers a safe and conducive environment for children to grow up in. Its gated grounds and security system provide exclusivity and protection, with patrolling guards casting a watchful eye on children as they play freely in the compound.
Since residents with children frequent the dedicated kids’ play zones, chances are, you and your kids can become part of a tight-knit community.
Recommended unit type: 3BR
The EC is exceptionally popular among HDB upgraders, typically growing and/or multi-generational families. In fact, many developers build ECs with such families in mind.
As children get older, the confines of a HDB flat may become apparent. Once content to share a room with their siblings, bigger kids start wanting their own space, particularly as they hit adolescence.
ECs like Rivercove Residences are cleverly designed to maximise usable space, with generously sized rooms. Some units even allow buyers to merge rooms at the point of purchase, an option not available with typical HDB flats.
Units are thoughtfully designed to suit the needs of family life. For example, the four- and five-bedroom units at Rivercove Residences feature both wet and dry kitchens, some of which even face the balcony. With plentiful working space and a breathtaking view, preparing family meals becomes a pleasant activity rather than a chore.
It is not just nuclear families who benefit. Those with multi-generation families will also appreciate the added space, privacy and flexibility of EC living.
The peaceful surrounds, waterfront views and multitude of recreational facilities for all ages mean that Rivercove Residences is a home that the whole family can enjoy – even Grandma and Grandpa.
An added bonus of upgrading is the proximity of good schools, particularly during pivotal points in your child’s education such as the move to primary or secondary school. For instance, Rivercove Residences EC in Sengkang is situated near the well-known Nan Chiau Primary and High Schools, giving Junior a good chance of entering a prestigious school.
With so many benefits to enjoy, it makes perfect sense to upgrade from a HDB flat to an EC unit at Rivercove Residences.
Recommended unit types: 4BR and 5BR