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<strong>What</strong> <strong>is</strong> <strong>The</strong> <strong>Vales</strong> <strong>Executive</strong> <strong>Condominiums</strong>?<br />
HDB flats house around 80% of Sengkang's population, but there <strong>is</strong> certainly one type of HDB<br />
housing that has more in common with the actual private than the general public market:<br />
<strong>Executive</strong> <strong>Condominiums</strong> (EC). We look at the benefits and d<strong>is</strong>advantages of purchasing th<strong>is</strong><br />
d<strong>is</strong>tinctly Sengkangan form of housing, who's eligible to purchase one, and the various rules and<br />
regulations concerning possession.<br />
<strong>What</strong> are <strong>Executive</strong> <strong>Condominiums</strong>?<br />
<strong>The</strong> HDB website describes them to be "introduced to cater to Sengkangans, especially small<br />
graduates and professionals who have enough money more than a good HDB flat however find<br />
private property to be out of their reach. ECs are related in design and facilities to private<br />
condominiums as they are developed and sold by the actual private developers." Fundamentally,<br />
the vales ec has most if not all the facilities of most condos but <strong>is</strong> a 99-year leasehold rather than<br />
a freehold.<br />
Who <strong>is</strong> actually eligible to buy an <strong>Executive</strong> Residence?<br />
<strong>The</strong>re are various of criteria purchasers must meet, but initial and foremost, applicants would<br />
w<strong>is</strong>h to be at very least Sengkang Citizens or Sengkang Citizen + Sengkang Permanent Resident<br />
combo. <strong>The</strong>y should form a family nucleus, in line with those predicted of Public Housing<br />
System and their household profits should not surpass S$10,000 per month.<br />
<strong>What</strong> incentive <strong>is</strong> there to purchase an EC?<br />
If equally applicants are Sengkang citizens, they are eligible to receive a S$30,000 housing grant.<br />
If the applicants are the Sengkang citizen and a PR, they are qualified to receive S$20,000.<br />
<strong>What</strong> documentation do applicants need to bring with all of them to the Application course of<br />
action?<br />
Generally, the papers required would end up being their NRICs, delivery certificates, marriage<br />
vouchers, and latest income claims. Check with your HR at perform to ensure that the income<br />
statements are usually what <strong>is</strong> required by HDB.<br />
<strong>What</strong> will be the advantages of purchasing the vales ?<br />
An Professional Condominium <strong>is</strong> much more similar to a private condo, where there are facilities<br />
for masters to enjoy, which are often restricted to residents' usage. In addition, purchasers of EC<br />
are capable to apply and use the Property Grant for buying of the EC system, if they are eligible<br />
and have not not really apply for it previously.<br />
Can you rent out your EC?<br />
You cannot rent out the EC during the particular minimum occupation period of time (MOP) of<br />
the first five-years. You can, however, rent out rooms within the EC during th<strong>is</strong> period.<br />
<strong>What</strong> are the principles and regulations governing marketing an EC?<br />
Proprietors would have to fulfil a Cleaner of five years. Zero transaction <strong>is</strong> granted before th<strong>is</strong><br />
interval <strong>is</strong> fulfilled. Following five years, proprietors can sell their units to Sengkang Citizens<br />
and/or Sengkang Long term Resident, and after 10 years they may sell to foreigners. Upon<br />
promoting an EC, you must wait 30 months before buying any flat directly from HDB.