A Condominium, also known as condo, is a type of housing individually owned by a real estate. Condominiums continue to rise in popularity due to a number of reasons. Condominiums provide comfort and luxury, accessibility and proximity, easy to maintain, easy to resell, and are a wise investment as they continue to increase in value.
Because of condominium’s popularity, many people are prompted to buy condos without knowing the difference between an Executive Condominium and a Private Condominium. Both offers comfort, attractive locations and lavishing amenities such as 24/7 security, swimming pools, gyms and tennis courts at competitive prices. Rivercove Residences is a executive condominium by the developer Hoi Hup Realty located right next to Sengkang MRT Station
EC Vs Private Condo
An Executive Condominium (EC) is a type of condominium in Singapore which resembles all aspects and features of a Private Condominium except for privacy. ECs are mandated by government rules and regulations. Not everyone has the privilege of buying and owning an Executive Condominium as these are subsidized by the government.
Rivercove Residences is a EC at Sengkang Anchorvale
A Private Condominium is not mandated by the government. This type of condominium has the status of being private. These are sold at a relatively higher price than an Executive Condominium since they are usually found in prime locations situated near business centers, shopping malls, parks, schools, restaurants, financial institutions, tourist parks and more.
These are some of the other differences between a Private Condominium and an Executive Condominium.
· Space – ECs have a larger floor area than a Private condominium.
· Amenities – ECs have the same access to amenities as the Private ones. Private parking is available or dedicated for their tenants and are usually offered more than one space.
· Restrictions – EC owners are allowed to sell their units to Singaporean citizens and permanent residents. They can sell to foreigners only after the 10th year. Private condominium do not have any restrictions in selling their units.
· Multiple Ownership – EC owners can only buy twice while Private owners can own multiple properties.
· Pricing – ECs costs 20-30% lower in than Private Condominiums
· Housing Grant – There are no housing grants for Private condos but can still use CPF funds. ECs can use CPF to finance housing grants.
Rivercove Residences EC by Hoi Hup Realty
For anyone who’s planning to buy a condominium, one must consider the purpose of the purchase. Executive Condominiums are great if you are looking for a good place to stay. If you purpose is to have a long term investment, the Private Condominium is the best choice.