If you haven’t been in Singapore for long, you probably don’t know about. Interestingly, there is a kind of hybrid housing in Singapore and it is called the Executive Condominium. You might ask, what is so special about this and isn’t there condominiums all over Singapore?
You should be familiar with the iconic HDB flats in Singapore. To the locals there, they only have the right of ownership for 99-years and that they are subjected to quite a handful of rules and restrictions on ownership and selling. Sounds absurd? That’s is absolutely true. For these Executive Condominiums, they are a hybrid form of housing which caters to the sandwich classes in Singapore. These properties are subjected to the public rules and restrictions on purchase and subsequently, these rules and restrictions are completely lifted after 10 years of the completed of the condominium development. Very interesting isn’t it?
These funny restrictions includes a prescribed monthly household income ceiling of S$14,000. Not only that, these buyers of the new Executive Condominiums projects will have to form a family nucleus, of which it must include two Singapore citizens, or a Singapore citizen and a Singapore permanent resident (PR). New EC buyers also have to adhere to a minimum occupation period (MOP) of five years before they can sell in the open market to Singapore citizens or PRs only. Only after 10 years will the EC be considered fully privatised and can be sold to foreigners.
So what is happening at Yio Chu Kang?
According to many locals, there is a new Executive Condominium called Hundred Palms that is slated to open for sale later in 2017. It is said to be very attractive because of the location and its proximity to the renowned Rosyth School which many parents like to send their kids to. According to official sources, 70% of the residential units will be of 3 bedroom units. In addition to that, choice 4 and 5 bedroom units will also be available for keen home owners. Located amidst the peaceful environment of Yio Chu Kang, of district 19, lies the promising foundation of Hundred Palms Hoi Hup EC. A potential multi-million hot cake in the eyes of investors, since EC landed its feet in the areas of Hougang and Yio Chu Kang. The condo takes its pride by the close availability of Rosyth School – a name famous in the field of education. Numerous malls such as Hougang 1 and Greenwich V lie within its reach. Hougang MRT station & Hougang Central Bus Interchange connects the condominium.