The prices of residential properties have escalated considerably in the last year or two. The development of private properties constructed by private developers along with increased demand for such properties has also led to a substantial rise in the property prices. The city of Singapore has also witnessed a similar scenario where prices of residential properties have increased considerably over the past couple of decades. This is excellent news for investors who buy properties to make profits after selling them at the appropriate hour.
This has, however, become a cause of worry for the common people of the city who do not make enough money to purchase these properties and make them their homes. The prices of the private residential properties in the city are often beyond the affordability of these people. The government and the housing authority of the city have, however, come up with a plan to provide these people with homes at cheap and inexpensive costs. People with low income can now opt for HDB developed apartments and flats at very low prices. These homes are available to people under the monthly income structure of $8,000 to $10,000.
There is also a sector of individuals who earn more than $10,000, but not enough to purchase the private properties of the city. They are not eligible to buy these HDB apartments and flats. For such people, there are HDB managed executive condominiums like the Hundred Palms Residences EC at Yio Chu Kang EC. These ECs can be purchased by individuals whose gross monthly income ranges from $10,000 to $14,000. Executive homes are properties that are developed by private constructors but sold at lower prices only to the citizens of Singapore. Hence, the residents would get to enjoy facilities similar to private condominiums, albeit at much cheaper costs.
Since these homes are regulated by the HDB, the developers receive certain subsidies from the government, and this helps them to offer the fields at such low costs. Buyers of these properties also receive some subsidies and grants from the HDB and the government of the city. These grants along with loan assistance from banks can make it very easy for buyers to afford these properties even if they do not have adequate savings to purchase an executive condominium. Moreover, buyers also get to enjoy some tax exemptions that can help them to save plenty of money.
Hence, buying an executive condominium is the best thing that a person can do when in need of a home in the city. There is, however, one minor issue in buying an EC in Singapore. Buyers cannot lease or sell an EC for a minimum of 5 and 10 years to local and foreign citizens respectively. This is the lowest duration for which buyers have to occupy the property, after which the property can be privatized. All HDB properties can be sold once they are privatized. Hence, customers of ECs like the Signature at Yishun can only sell their property after they have occupied the property for at least 5 or 10 years. Apart from this one small aspect, ECs make great home purchases.