Piermont Grand EC launch is coming soon! According to data from the Urban Redevelopment Authority (URA), the number of Executive Condominium units sold by developers went up steadily since 2016. The latest EC will be Piermont Grand EC launch.
The demand for private housing, especially Executive Condominiums (ECs), has increased steadily, partly because of the current low-interest rate climate and rising income growth in Singapore. More new ECs have been launched in recent years to cater to the demand.
First introduced by the Government in 1999, ECs are a hybrid type of housing, that fall between public and private housing.
ECs resemble private condominiums with its guarded security, swimming pools, clubhouses, playgrounds and more. They are built and managed by private developers but come at a cheaper price, as the land cost is subsidized by the government.
The first and most important factor to consider is, of course, your eligibility! Failing this will make it pointless for you to look out for other factors. To curb demand for Executive Condominiums(ECs) in Singapore, eligibility requirements set by the government are not that easy to meet.
Generally, ECs is considered a privilege for the locals. If you are able to meet the criteria, especially the income factor, it is always a good idea to buy, be it for staying or investment.
However, it is definitely not recommended to stretch beyond your means just to move into a more luxurious place.
Make sure you do your sums and have your finances planned out before making the next step. If you are unsure, be sure to seek professional help!