One type of housing which is rapidly gaining popularity in certain parts of the globe are executive condominiums. It was first constructed in 1994. They are somewhere in the middle of private and public housing. These homes look very similar to private condominiums. You will find them enclosed, with security and gated communities. The executive condos offer a variety of amenities for residents. This includes swimming pools and clubhouses as well as playgrounds. These executive condominiums can also be sold by well-known private developers. Visit Altura EC before reading this.
Government encourages construction and the construction of these buildings is done at much less cost. Because land prices receive subsidies from the government, this is why it’s so affordable. To help with the purchase of executive condominiums, buyers can receive grants from Central Provident Fund and CPF.
Regulations for executive condos apply to them as they do to other HBD flats. A number of restrictions have been placed on the ownership. Condominiums with this type of condominium must be used for at most five years. This is the minimum period that an executive condominium may be available for purchase. Citizens and permanent residents are allowed to purchase the property after the first year. It is possible to gain ownership of the property after 10 years.
Many executive condos are located throughout the city. Their developers are well-known within their community. They usually consist of multiple blocks that contain hundreds of units, housing and, most importantly, luxury. They often have large areas of land, which allows for various family activities.