An executive condominium is a type of housing that was introduced to meet the needs of different citizens, especially young professionals and graduates who were not in a position to access private property but only an apartment. In design and its facilities, the Executive Condominium is actually quite similar to private condominiums due to the fact that the development and sale of the same is done by different private developers. An executive condo usually comes with almost all the facilities that many of the condos have. The difference is that there is a 99 year lease instead of a freehold and this is one of the biggest differences.

Eligibility

There are different criteria that a buyer must meet in order to access a condominium. The applicant must be a citizen or permanent resident or both. They also have to be a kind of family unit, as is the case with the different public housing schemes. There is a fixed monthly income that has been established to qualify for said property.

incentives

There are certain incentives that have been put in place for people who want to own an Executive Condo to make it easier. Housing grants are usually set and this depends on a person’s citizenship.

Executive condominiums are being developed in many parts and their locations vary. However, one significant thing about the developments is their size and they are created in such a way that they can serve many people at the same time. The developers are also very good at what they do and create some of the most magnificent structures ever.

Most of the residential units are luxurious and the land is usually quite spacious to accommodate all activities. There are studio units and units with up to five bedrooms that may or may not have private elevator lobbies. In some cases, townhouses and bungalows may also be included as part of the project.

The fact that such establishments come in many unit sizes means that couples, singles, and all sizes of families can find something they can really work with.

Transportation is another aspect covered by the developments, as most of them are located in prime locations near highways and public transportation. This is a great advantage for all residents, especially those who need to move. There are usually some great opportunities for recreation that are close by.

Banking, retail and dining needs are well catered for because there are different shopping malls established around such developments. This means that it is very easy for residents to obtain all the services they may need to improve their quality of life.

Facilities like swimming pools, barbecue areas, playgrounds and many more are included in such establishments to keep the residents engaged. In addition, the promotions are located within areas where there are schools for families with children.