Recently, an announcement was made that the Executive Condominiums will be subject to a Resale Levy. A resale levy is a payment in a lump sum which is made to the HBD when one buys a subsided home. However, the levy is applicable to all Executive Condominiums with land sales having been launched after 9th December 2013. There are still some which aren’t subject to this particular levy.
There are also some laws governing how eligible one is so as to buy an Executive Condominium. For one, one has to be a citizen in the country. The nucleus of the family also has to comprise of a citizen or a permanent resident within the country. For one to be eligible, they have to be 21 years or older when the application is being made. If it is being bought under a scheme, then the applicant has to be 35 years or older.
There are different schemes that are applicable. Under every scheme, there is a set family nucleus requirement set. For the public scheme, then, the nucleus requirement is you, your spouse, children if any, parents, siblings if there are any, children under your control, care and legal custody for divorced and widowed, and fiancée. For orphans, you and unmarried siblings or any other orphan who isn’t related. For joint singles, the applicant and another person who is single can apply.
Dual key Executive Condominiums can be bought as offered by developers if you are in a multi-generation kind of family like:
· Married couple that has grandparents/parents
· Fiancée and fiancé couple that has grandparents/parents
· Divorced/widowed with children and grandparents/parents
For the income ceiling, it has to be at most $14,000 for any OTP granted by any developer starting 24th august 2015. For any OPT that was granted before this date, the monthly household income shouldn’t exceed $12,000. There are lots of choices available for the people interested in buying an Executive Condominium.
There are many establishments being launched every single day and this means that the accommodation for the citizens is being catered to in the best way possible. The projects are usually carried out by developers who are well known within the circles. The Executive Condominium is luxurious in nature and this is one of the most fascinating things about them. The units are usually quite many and this means that one establishment can handle quite a number of residents.
Prime land is usually the target for the establishments and you can note that the locations are always in close proximity with all the essential amenities that one can think of. Public transportation and expressways that connect with important places such as CBDs and towns are usually the key factors in the situation of such developments. This means more convenience to the people who need to commute every day.
The units come in different sizes and types and they all have their own beautiful views. The fact that there are smaller and bigger unit’s means that different people can find something that truly works to their advantage.