Ola EC is an upcoming executive condominium that is located at Anchorvale Crescent, North East Region of the island. The …
Public housings from the Housing Development Board (HDB) have been homes to more than 80% of the population in Singapore but there is a type of public housing that in fact that is in common more to the private apartments which is the Executive Condominium. This is a uniquely type of housing that is made for Singaporeans and there are also various rules and regulations to who is eligible for the ownership of this type of housings.
According to the website of HDB, the Executive Condominium are introduced in order to custom for Singaporeans, especially for those young professionals and graduate whose affordability can be more for HDB flats but also find that the private housings are out of their reaches.
The facilities and design of Executive Condominium developments are comparable to private apartments as they are being sold and development by private developers. Basically, these kind of developments has majority or not all the facilities that most private condominiums have but the tenure is only 99 years lease as compared to the 999 years leasehold or freehold.
Eligibility for Executive Condominium
There numerous criteria that the purchasers have to meet to be eligible to own an Executive Condominium unit. First of all one of the applicants will need to be a Singaporean with the only being at least a Singapore Permanent Resident (SPR). Applicants also must have a family nucleus according to the eligibility schemes stated by HDB with their total household incomes not exceeding S$16,000 per month. Successful applicants may also be eligible for housing grants.
Conditions after Purchasing an Executive Condominium
Owners of the EC are not eligible to rent out the entire unit within the first 5 years of the Minimum Occupation Period (MOP) but they can only rent out their rooms. Also after the MOP, they can only sell to Singapore Citizen and/or SPR and only after 10 years then they can sell to foreigners.
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