Rivercove Residences Executive Condominium by Hoi Hup
These are a type of housing that is of public-private partnership arrangement. They are developed and sold by private developers though developed on government subsidized land. In design they are similar to private condominiums though they sale cheaper than private condominiums. In year 2018, Rivercove Residences Executive Condominium will be the only ec to be launched. Just like private condominiums they are enclosed-gated communities that are fully secured with amenities such as clubhouses, swimming pools, shopping areas and many more. The houses are mostly blocks of flats.
They were first introduced in Singapore in 1997 to carter for Singaporeans who could afford more than Housing Development Board (HDB) flats but could not afford private condominiums. The segment of population in mind was mostly young professionals and graduates.
Singapore Housing Policy
Singapore being a densely populated country which started as a third world country to one of the highest earning economies between its independence to present owes its success to well established policies, one being the Singapore Housing Policy, which has spearheaded the development of real estate in the country.
Executive Condominiums in Singapore are sold to buyers to use them for 5 years after which the buyer makes it open for sale in the market at a higher market value. Regardless of the pricing of Rivercove Residences, to purchase Executive Condominiums in Singapore one has to fully adhere to some regulations as follows:
Here there are different schemes to use to apply
Joint Singles Scheme
Buyers must be Singaporean citizens
At least 1 other applicant must be a Singapore Citizen or Singapore Permanent Resident
In case of the Joint Singles Scheme all singles must be Singapore Citizens.
Basically one must be at least 21 years of age.
If applying under the joint singles scheme one should be at least 35 years of age.
Household income for applicant should not be over 14000 dollars
Applicant shouldn’t own other property overseas or locally. Should also not have disposed of any property within the last two and a half years.
The upcoming EC, Rivercove Residences floor plan comes with 3 , 4, 5 bedroom. You have not bought a new HDB/ DBSS flat or EC, or received a CPF Housing Grant before; or, have only bought 1 of these properties/ received 1 CPF Housing Grant thus far.
How it Works
The process of acquiring an EC goes as follows:
The developer doing a sales launch. An applicant first of all checks if he/she is eligible, can get a bank loan and is able to pay other related fees before contacting the developer to ask for preliminary designs and the number of units on offer.
Applicant makes application.
Developer sends outcome of application.
Applicant books flat of choice.
Applicant is invited by developer to sign sale and purchase agreement. Most payments are made at this stage.
The applicant is invited to collect keys of flat upon completion of Executive Condominium.