Parc Life Executive Condominium – Five Year Minimum Occupancy Restriction For Resale

Executive condominiums are hottest properties in the to-sell list.  You get everything from greenery, towers, club house, playground and pools when you get one.  With the price of properties growing rapidly, it is only practical to wish to own an executive condominium.  The executive condominium is already a part of the Singapore dream.  You should book a show flat appointment right away.

5 Years from the Initial Purchase

Buyers of Parc Life Executive Condominium should fulfill the five year minimum occupancy criteria to be able to sell the property in the resale market.  There are government restrictions on resale when it comes to being able to sell these properties.  Therefore, if you are willing to sell this property you should wait for a period of 5 years from the initial purchase to sell it to Singapore Citizens and other Permanent Residents. And, you should wait for 10 years to sell it to foreigners.

Opportunity to own Private Property

You should wait for 10 years for the property to become your private property.  Despite these restriction’s Parc Life Executive Condominium is considered by many buyers to be an opportunity to own a private property.  When compared to the cost of owning a private condominium housing, the executive condominium is considered to be an affordable entry point.

Sustaining Middle Class Ownership Dream

The middle class privilege of owning a home is sustained with Executive Condominium Parc Life.   These condominiums are particularly useful for those who are aspiring to own a private housing property.  With increasing numbers of people becoming affluent to be able to own a private property, Sembawang EC Parc Life is a solution that is made by the government to fulfill the private housing aspirations of buyers without compromising on the legitimacy and rule of the state.

Private Housing Solutions

Reinvention of private housing solutions is seen in Parc Life EC for those who fulfill the family nucleus requirement. You need to be a citizen of Singapore who has completed 21 years of age to be able to apply for an Executive Condominium.  The family nucleus should consist of another Singapore Citizen or Singapore Permanent Resident.  In cases of someone who is widowed, they need to be taking care of parents, child or children under their legal custody to qualify to be called the family nucleus.

The Executive condominiums can be availed under the orphan scheme, Fiancé and Fiancée Scheme, Family Nucleus Scheme, and Joint Singles Scheme.  The household income ceiling is also a major consideration when it comes to deciding the eligibility norms between the HDB and the EC. You need to be prepared with 103% of the purchasing price inclusive of the stamp and the legal fees. If you do not have the money in full you can consider working with a financier.