In the mass market condominium-class in Singapore, there is a minor set of a condominium that is referred to as Executive Condominium (EC). An EC is a fusion of public and private housing presented by the government. They are valued lower than private properties to handle the affordability of those Singaporeans, specifically young professionals, that wants private housing like the rivercove residences, but look for prices of private properties beyond your reach.
But there are some rules and restrictions that the EC’s works with which includes a 5-year minimum tenancy time by the owner after which you are given the opportunity to dispose of it in the resale market. Besides, you can also sell to non-nationals after 10 years.
Having a knowledge of the several classes of condominiums in Singapore will assist you to bring down your search for the condominium home that is best for your purpose. You will not have to waste any time searching projects that can cater to your needs. If you are searching for a new condominium, it is often easy to tell which class it belongs to by its labeled location and the way the developer marketed it. Condo Developers uses all their effort to ensure that the homeowners will see the value of the finest quality in terms of finishing, fittings, and features.
Here are some facts to know about condos in Singapore like rivercove residences:
- Condo development is expanding
The general real estate market has been declining somewhat lately. However, the condo market is still strong. There’s now development in places with outstanding accessibility. This results in tons of convenience for possible residents. Expats and city-center workers usually prefer to live nearby. As a result condo development is a practical option for them.
There’s many options throughout the country. This requires just a few minutes to travel to the city center. There’s also office units available in the condo development. This provides more convenience.
- World-class developers
Many of the condo developers in Singapore have become world-famous due to the quality innovation of their projects. This is another way residents can benefit. There’s tons of different options including Marino One Residences. The project features incredible development. It includes amazing features like a 13-meter high waterfall. There’s many other examples of high-quality condos that are being built in Singapore. Make sure to shop around to find the best ones for your needs.
- Real estate is a big source of income for the ultra-rich
In fact, it’s the third largest source of income for the super wealthy. That includes over 160 billionaires on the list. There’s many Singapore property developers who are developing pieces of land in the country. Some have also expanded to other countries in order to boost their revenue. The Singapore market has dropped somewhat. However, the developers have still been able to earn big profits in the real estate market. This shows that investments in condos are a good option.
A recent Forbes list included over a dozen billionaires in Singapore. In addition, more than half were property developers. Others were also working in the real estate market. This shows that even though there’s been some decline in the real estate market including condos it’s still a strong industry. This highlights the benefits of investing in real estate.
The most successful property developer is the company owned by Philip and Robert Ng. Their company has become quite successful, which shows real estate is definitely a good investment in Singapore. The company has even started expanding to Australia. This shows the company has large assets and plans to expand in the future.
An example of the company’s investment is a hotel that has a value nearly $350 million. The brothers purchased the property a few years ago in 2016. The company also purchased a property in Perth. The purchase was finalized in 2016 and is a beachfront mall that will likely bring high revenue to the company.
- Fierce competition among developers
One of the benefits of the expanding condo industry is it means developers are constantly thinking of new ways to get an edge over the competition. This is good for buyers since it ultimately results in better condos. When there’s more innovative the residents benefit since they can enjoy fresh and unique features.
These are some of the top benefits of Singapore condos like rivercove residences. The key is to shop around in order to find the right property for your needs.