As many home buyers are aware, Executive Condominiums (EC) in Singapore are a hybrid type of residential property that are constructed and sold by property developers. These EC developments are built on land sold by the Government, but at a price lower than those government land sales for private residential properties because their land prices are subsidised by the Government. As such Housing Development Board (HDB) have set out a set of eligibility conditions for purchase and sale of EC units.
In July 2017, the units at Hundred Palms Residence EC was fully sold within 7 hours from the launch time. Located in Hougang, it was an record breaking timeline for an executive condominium to be fully sold. Rivercove Residences EC is the next EC launch in the North Eastern Singapore. Poised to launch in early 2018, This 635 units Executive Condominium along Anchorvale Lane is expected to attract strong demand from first time buyers and HDB upgrader.
Developed by Hoi Hup Realty and Sunway Development, Rivercove Residences Floorplans are well designed and thought of so as to maximise the pleasure and comfort for the home buyers and their family members. With 2 bedrooms, 3 bedrooms, 4 bedrooms and 5 bedrooms layouts to choose from, Rivercove Residences EC is catered to purchasers with various requirements and family sizes.
Major roads and expressways such as Central Expressway (CTE), Seletar Expressway (SLE), Tampines Expressway (TPE), Kallang Paya Lebar (KPE) are within minutes drive from Rivercove Residences. Food and lifestyle activities are in abundance at the nearby shopping malls – Selatar Mall and Compass One. This Anchorvale Lane EC is located next to Layar LRT station which connects to the wider LRT network of Sengkang, Sengkang MRT station and Bus Interchange. Residents of Rivercove Residence EC can reach various parts of Singapore at ease and in the shortest possible time with the good transportation connectivity.
Before one can consider an EC such as Rivercove Residences, there are several main eligibility conditions for eager home buyers. For new EC home buyers who brought the unit directly from a developer, there is a minimum occupancy period (MOP) of five years where the unit cannot be sold or rented out during this time period. In addition, an eligible buyer of an executive condominium should not have disposed any private residential property 30 months before applying for the purchase. Lastly, first-time applicants who are considered Singaporean household nucleus are eligible between $10,000 to $30,000 of CPF Housing Grants if their combined household incomes are below $12,000. There is also a household income celling of S$14,000, should EC is your choice property purchase.
Rivercove Residences Prices are expected to be at an average of $780 per square feet. Many property analysts are expecting a sell out of this project in 1st Quarter 2018. With no new launches coming up in North Eastern Singapore at least for the 2 years to come, prospective upgraders have to consider their choices carefully and take the necessary action as soon as possible.