These executive condominiums are the most sought-after housing option. They can house several people simultaneously and are generally affordable in most cases. For an Executive condominium to be granted, there are several requirements. Understanding the whole process is helpful as it can make it easier. You can see new EC launch 2023 2024 on our website.
During the application process there are many documents you need. Some documents that you will need to provide are income statements, marriage certificate, birth certificates, NRICs and others. It’s a good idea for the HR to verify that the income statements meet the HBD’s requirements.
What are the advantages of purchasing an Executive condominium
A Executive condo has many benefits. This is similar to owning an executive condo. These facilities can be enjoyed by the owners, and the facilities are often made available to residents. People applying for Executive Condominiums may be eligible to receive a housing grant in order to assist with the purchase. The grant is available only to those who are eligible and have not previously applied.
Renting anExecutive Condominium
Your Executive Condominium comes with rules. You can’t rent it out for less than the MOP within the first 5 year. MOP is the Minimum Occupation period. If you have other rooms in the Executive Condominium, they can be rented out for the same period.
There are many rules and regulations regarding the sale of an Executive Condominium. MOP is a five-year term that must be completed by the owners. The MOP must be completed first. There are no transactions that can be done within this time period. The owners have five years to complete the transaction. After that, they can sell their units or to other permanent residents. The Executive Condominium can then be sold to foreigners after 10 year. The HBD will require you to wait 30 months before you are able buy another flat.