Singapore is getting ready for new executive condo launches. These condos are all about luxury and modern living. They offer top amenities, stylish living, and the chance for your property to grow in value.
Everyone is excited, from the first news to actually moving in. These condos promise to make life fancy with the latest tech and beautiful spaces. You can expect to find high-end features, smart tech, and a lifestyle that’s above the rest.
Key Takeaways
- Upcoming executive condo projects in Singapore promise luxury and sophistication.
- These developments feature modern design and state-of-the-art infrastructure.
- High-end amenities and smart home features are standard offerings.
- Executive condominiums offer potential for significant property appreciation.
- The process from announcement to moving in is filled with excitement.
If you’re into upscale, modern living, these new condos are for you. Singapore’s executive condos are a top pick for those looking for luxury and style.
Introduction to Upcoming Executive Condo Market
The Singapore executive condo market is getting hotter. This is due to new sites from the Government Land Sales (GLS) program. More places are being built to meet the need for luxury living that’s still affordable. Places like Altura EC in Bukit Batok West Ave 8 and Tengah Plantation Loop are great for buyers.
Market Overview
The Singapore executive condo market has been busy in the first half of 2023. Seven new sites have been added to the GLS program. This bumps up the private housing units by 16.7%, now making it 17,020 units. Places like Bukit Batok and Tampines are part of these new developments. The Altura EC is one of these, costing around $662 per square foot. It will be ready by 2026 after starting in Q3 2023.
Benefits of Executive Condos
Executive condos offer great benefits for buyers. They cost about 20% – 25% less than private condos, making luxury more affordable. These homes come with the latest tech and a high-end way of living. You can live in them for five years, then they turn fully private after ten.
Buyers need to put 25% down, with 5% in cash and 20% in cash or CPF. The good news is, you might get up to $30,000 in grants. This makes it a good buy for first-timers and young families.
Eligibility Criteria
Knowing who can buy an executive condo is key. Here’s what you need:
– A defined family unit is a must.
– One applicant must be Singaporean, the other can be a PR or citizen.
– Everyone applying should be at least 21.
– Your combined household income can’t top $16,000.
– You can’t own other homes, and if you’ve had housing subsidies before, it has to be within certain dates.
For financing, you should be under a 30% MSR and a 55% TDSR. Expect to pay about $2,000 for legal fees. The Buyer’s Stamp Duty is part of the purchase price.
The market for executive condos is vibrant and full of benefits. It’s waiting for buyers who meet the criteria to grab a great deal.
Highlighted Upcoming Executive Condo Projects
Singapore is excited about new executive condo projects. Three stand out: Parc Greenwich, Provence Residence, and Parc Central Residences. They offer great locations, unique designs, and cool features for future owners.
Novo Place EC – District 24
Novo Place is a new Executive Condominium (EC) development located in the Tengah area of Singapore. It’s a 99-year leasehold project developed by Hoi Hup Realty and Sunway Developments.
Key features and benefits of Novo Place EC include:
Affordability: The Place is government-subsidized housing options, making them more affordable than private condos while still offering a high standard of living.
Strategic location: Situated near Tengah Park MRT Station and Bukit Batok West MRT Station, providing convenient access to various parts of Singapore.
Modern amenities: Residents can enjoy a range of facilities like a swimming pool, gym, clubhouse, and landscaped gardens.
Sustainable living: The development is designed with sustainability in mind, incorporating green features and eco-friendly initiatives.
Growing community: As part of the upcoming Tengah Town, Novo Place EC will be surrounded by a vibrant community with various amenities and facilities.
Parc Greenwich – District 28
Parc Greenwich is in District 28, making it a hot spot. It’s close to shops, top schools, and easy-to-reach public transport. Homebuyers can’t wait to get their hands on these sought-after units. It’s a place where luxury and convenience meet.
Provence Residence – District 27
Provence Residence shines in District 27 with its sleek design and cool amenities. It promises a perfect blend of peace and city buzz with easy access to MRTs, shopping centers, and parks. Families and investors are eyeing this as a top pick.
Parc Central Residences – District 18
Parc Central Residences in District 18 is a dream executive home. It’s known for its top-notch features and community perks. Everything from fun spots and stunning interiors is designed for high standard living. It’s a must-see for those looking for luxury and quality.
Factors to Consider When Buying an Executive Condo
Buying an executive condo is a big deal. You need to think about many things before making a choice. Things like where it is, what it offers, and how much it costs. This info helps you choose well.
Location and Accessibility
The location is key when choosing an executive condo. A good spot means it’s easy to get to places like public transport and schools. If it’s close to MRT stations and big roads, life is more convenient.
Facilities and Amenities
A great condo offers cool features for living. These could be pools, gyms, and play areas. The best ones might also have smart home systems or beautiful gardens. This makes your lifestyle better.
| Type | Common Facilities |
|---|---|
| Basic | Swimming Pool, Gym, BBQ Area |
| Premium | Children’s Playground, Function Rooms, Landscaped Gardens |
Pricing and Payment Plans
Executive condos cost more than HDB flats but less than private condos. People buying them can earn up to $16,000 every month. You’ll need some money upfront, like a 25% down payment. There are payment plans that can help spread the cost.
- Progressive Payment Scheme
- Deferred Payment Scheme
Think about the location, what the condo offers, and its cost. Considering these things will help you pick the right place. This is how you choose a good home for your future.
Why Choose a New Launch Executive Condo
Choosing a new launch executive condo in Singapore has many advantages. It offers a modern lifestyle, a chance to invest, and a great community. We will explore these benefits.
Modern Design and Infrastructure
New launch executive condos are known for their stylish modern design and advanced infrastructure. They include the latest tech, smart home options, and green building. This turns your home into more than just a place to live. It’s a way to boost your living situation with comfort, smart features, and luxury. The prices have gone up from $1,101 to $1,417 per square foot (PSF) from 2019 to 2023. This shows the great value they provide for today’s lifestyle.
Investment Potential
There’s a big investment potential with condos like these. Over 20 years, the prices of executive condos have gone up by 241%. This means it’s a good choice for investors. Some have even made profits of $1,167,000 to $1,667,846 from selling their condos. To make the most of your investment, look at the market, where the condo is, and the builder’s reputation. After 10 years, ECs can be sold at higher prices. That’s after the Minimum Occupation Period (MOP) is over and they’re open to more buyers.
| Financial Year | Median Price (PSF) |
|---|---|
| 2014 | $800 |
| 2023 | $1,500 |
| Price Growth | ~87.5% |
Community Environment
Living in a community is a highlight of these executive condos. They are built to make people feel like they belong. They have places like gardens, fitness centers, and clubhouses. These are for everyone to enjoy and they make it easy to meet your neighbors. This way of living is all about having your own space and being part of a community.
The Lumina Grand EC in Bukit Batok became a hit soon after its launch. It sold 70% of its units in a month. This shows that people really like living in these condos today.Investing in a new launch executive condo not only promises modern living and high returns but also provides a vibrant and cohesive community experience.
Process of Purchasing an Executive Condo
Buying an executive condo in Singapore has many steps to follow. You need to pick your favorite unit, fill out some forms, and show the needed documents. Knowing these steps can help make the whole process go smoothly.
Viewing and Selecting a Unit
First, you look at different executive condos to find the best one. Take a trip to the place where they show what the condos will look like. Think about where it is, how the rooms are set up, and what’s around. When you pick one, you need to pay 5% of the cost as a booking fee. This shows you are serious about buying it and stops others from taking it.
Submitting Application and Documents
Next, you fill in some forms and show your ID, income, and family or marriage proof. These forms also check if you can afford it. You must make sure that you don’t need to pay back more than 30% of what you earn every month. This is the way to see if you can really buy the condo.
Finalizing the Purchase
Then, you have about nine weeks to pay 15% of the condo’s cost. You should also sign a sales agreement in three weeks. Talk to a lawyer to make sure all paperwork is correct. You might use your CPF savings to help pay for the condo. If you change your mind after paying the booking fee, you might lose some money. The last step is getting your keys and starting a new life in your condo.
FAQ
What are the benefits of purchasing an executive condominium in Singapore?
Executive condominiums (ECs) mix public and private perks. You get modern amenities and a smart home. Plus, they offer an exclusive living space. They’re great for those who love luxury.
Who is eligible to buy an executive condo?
To buy an executive condo, you must meet certain requirements. You should be a Singapore citizen or a permanent resident. Forming a family nucleus is also necessary. And, there are specific financial rules to follow.
What are some of the upcoming executive condo projects in Singapore?
Look out for Parc Greenwich in District 28. Provence Residence in District 27 is exciting too. And, don’t miss Parc Central Residences in District 18. These projects offer great features and locations for premium living.
What are some key factors to consider when buying an executive condo?
Check the location and public transport access. Look at nearby schools and shopping places. Consider the facilities and amenities for leisure too. Knowing the prices and payment plans is important.
Why should I choose a new launch executive condo?
New launch condos have the latest designs and features. They’re a good investment. You can earn money from rentals and they may go up in value. They also build strong communities and friendships.
What is the process of purchasing an executive condo?
First, you pick a unit and hand in your applications. Then, you complete the purchase. You’ll work with a tagging agent, visit the showroom, and learn the purchase process. Details on when keys will be ready are also shared. Phases like condo privatization are key parts of the process.