In some countries, executive condominiums is a popular type of housing. It was built for the first time in 1994. The housing looks like condos and is a mix between private and public housing. Read more now on Altura EC.
This type of condominium is usually gated and enclosed. Executive condominiums are also notable for their wide range of facilities that residents have access to. There are also amenities like swimming pools, playgrounds and clubhouses. Private builders who have a good reputation in construction are usually the ones to sell and build executive condominiums.
Governments encourage construction and the cost of construction in fact is much less. It is possible because government subsidies are included in the price of the land. CPF grants, Central Provident Fund can be used by buyers to pay for the executive condominiums that are sold by developers.
Executive condos have the same regulations that apply to HBD flats. The ownership of executive condominiums is subjected to many restrictions and limits. Such condominiums must be occupied for at least 5 years. In this initial period, an executive condominium may be for sale but cannot be completely rented. Citizens and permanent residents are allowed to buy property after this first period. After 10 years, the foreigner can access it.
The developers of executive condos in various parts are generally well-known. These executive condominiums are usually located in different parts and include hundreds of houses, apartments and residential units. They usually have a large land area, which allows for all kinds of family activities.