NEW LAUNCH EXECUTIVE CONDOMINIUM

RIVERCOVE RESIDENCES

Comprising 628 units of 3/4/5 bedrooms beautiful functional layouts – Developer: Hoi Hup Sunway Sengkang Pte Ltd.

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Rivercove Residences EC is located along Anchorvale Lane with a few minutes’ walk away from the Tongkang LRT Station that connects the residents to Sengkang MRT Station and Sengkang Bus Terminal.

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Besides the convenience offered, Rivercove Residences residents will have the privilege to enjoy the luxurious waterfront living lifestyle.

Being the only Executive Condo launch in 2018, demand is expected high.

Showflat Preview with priority Q-ticket E-Application opens from 1-11 April 2018.

Price release : 12 April 2018

Ballot/Book : 14 April 2018

https://docs.google.com/forms/d/e/1FAIpQLScLGheGHUNqkEZjD6EYD4qtHoJ-gMZ6IjtXFFwAVU4wxeep8Q/viewform

 

More Information, call 96462822 or click above link to register your interest now. 


NEWS UPDATES – EC @ SUMANG WALK AWARDED.

Check it out !!

  • Confirmed list – Sumang Walk & Canberra Link
  • Reserved list in Tampines Avenue 10 & Anchorvale Crescent

https://www.theedgesingapore.com/exec-condos-limelight-citydev-jv-outguns-rivals-509-mil-bid-punggol-ec-site?

More updates info @ 96462822

ABOUT EXECUTIVE CONDOMINIUM IN SINGAPORE – Existing & New launches

EXECUTIVE CONDOMINIUM (EC) were introduced in 1996 catering buyers who found private homes too expensive. While they were priced affordably compared to private condominium, the units came with limitations.

For instance, Executive Condominium in Singapore (EC) came with Minimum Occupation Period (MOP) of five years before they can be sold on the open market. Between the 6th & 10th year, only Singaporeans (SC) and Singapore Permanent Residents (SPR) can purchase them, while Foreigners can only do so after the 11th year. Findings show that EC is a practical alternative to private condominium. They also augur well for the EC market and buyers will feel even more confident that EC are reasonable investments to commit to.  Upon after 5 years of MOP, prices of EC rose in tandem with private Condominium and even surpassed new EC.

Executive Condominium launched for sale are mostly in North-East, North & Western part of Singapore. Followings are some related articles on EC launches. Hope that these can help you on your decision to select your dream home. Listed here are just some recommendations. You may like to know more of other projects that are not featured here. Just drop in a message or call 96462822.  Shall be glad to share with you on your preferred property requested.

Thank you & enjoy browsing!

Q :
Why has a resale levy been imposed on second-timers purchasing an Executive Condominium (EC) unit from property developers?
A :
ECs are subject to similar initial eligibility and ownership restrictions as BTO flats. As a result, land earmarked for ECs is priced differently from land set aside for private housing developments, and EC buyers stand to benefit from new EC units being priced lower than comparable private hosing developments. In view of this and to ensure greater parity, second-timers buying EC units are now required to pay a resale levy, similar to second-timers purchasing BTO flats.

The resale levy amount depends on the flat type of the buyers’ first subsidised flat, and the prevailing resale levy policy when the first subsidized flat was sold. This requirement applies to ECs from sites launched for sale to property developers on or after 9 Dec 2013 (including projects whose tenders have not closed).

With the new restrictions set, EC developers can only launch their new EC after 15 months from land award or the completion of foundation works.

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WHY ARE EXECUTIVE CONDOMINIUM POPULAR?

A more in-depth analysis –

🔷Additional Buyer’s Stamp Duty (ABSD) is NOT applicable.
🔷Seller’s Stamp Duty (SSD) is NOT applicable for EC as owners have to fulfill 5 years minimum occupation period (MOP).
🔷Deferred payment is available. 20% down payment, 65% upon TOP and final 15% upon legal completion.
🔷There is no restriction to invest in commercial/industrial property as long as there is no residential accommodation component in the commercial unit.
🔷Improved design and features. EC developers are now offering more to attract buyers wishing to upgrade to a ‘subsidized’ private residential lifestyle living.
🔷Great lifestyle (Enjoy the same lifestyle and facilities as other condominiums).
Possible CPF Housing Grant $10,000/$20,000/$30,000 for 1st Timers.
🔷Budget-friendly entry price (Lower quantum compared to mass market condominiums.
🔷Comparable, or better potential future capital appreciation to condominiums (more likely to be sold at a good profit after MOP).
🔷Can be sold under private property status after MOP of 5 years to Singapore Citizens and PRs, and to foreigners after 10 years – hence a larger pool of potential buyers.
🔷Good potential rental yield as design and facilities are similar to any private condominiums.

Comparison:-

Executive Condominium vs Private Condominium