Singapore Executive Condominium – Rivercove Residences 2018
As the name suggests they are not just your normal condominiums. Executive condominiums are a hybrid of public-private partnership strategy to provide affordable housing to the people of Singapore. It’s a densely populated country sitting on 719 square kilometers of land with a total population of 5.54 million people. Some of the land, almost one-fifth of the land, is reclaimed land.
Why Executive Condominiums?
With the scarce resource, land, the government owns most of the land in the country. Therefore housing is essentially an initiative the government takes as its responsibility and affordability across all income levels is also a factor to be considered. In 2018, Rivercove Residences Anchorvale Lane will be launched by Hoi Hup. To provide this the government and the private developers work hand in hand to provide subsidized housing for citizens.
What Are The Disadvantages of Executive Condominiums?
Much as Executive condos have gained a great popularity for genuine reasons they also have some few downsides as discussed below:
They have High Down Payment
As compared to a normal HDB flat these Executive Condominiums require higher down payment. When normal HBD flat requires a down payment of 10 percent, an executive condominium requires a down payment of 20 percent, 5 percent which is paid in cash. This will for sure leave a dent in one’s pocket, literally.
The Comparison between Bank Interest Rates and HDB Interest Rates
Bank interest rates for acquiring Executive Condominium are comparatively lower than HDB rates. This makes the Executive Condominiums popular. But the thing is HDB rates are constant while bank rates are subject to fluctuations and economic cushioning by governments depending on their financial power. The bank interest rates may double eventually making the ECs more expensive.
Executive Condominium Vs Real Condos
Much as Executive Condominiums have the same facilities as Private Condominiums, they will not fetch the same market price as the next private condominium during resale because they are just what they are “subsidized housing”.
Location! Location! Location!
In real estate location comes even before price. Even if the unit has the best amenities but located one hour from work or school, that becomes a deal-breaker. Register to visit Rivercove Residences EC showflat at official site. The Rivercove floor plan cater for family of different needs ranging from 3 to 5 bedroom. So during resale the property value is highly influenced by location.
With all these still Executive Condominiums are still offered in the market at very attractive prices as compared to private condominiums and they serve the same purpose. Furthermore, applicants who meet the eligibilities may enjoy housing grant of up to 30000 dollars.
Therefore Executive Condominiums would beat private condominiums in the market any day.