Things to Consider Before Purchasing North Gaia Executive Condominium

28 Jan 2022

What is an Executive Condominium

Executive condominiums, e.g. North Gaia Executive Condominium are a new type of private residential property in Singapore that is not enforced with the 99-year leasehold. The government does not own the land, but they have agreements to offer land for sale or lease to developers. One of the main benefits of executive condominiums is that it is less expensive than other types of private residences in Singapore, but there are also some restrictions on ownership.

North Gaia EC belongs to the class of executive condominiums, (ECs) type of private property in Singapore. These condominiums were created to provide an affordable housing option for the middle class, while also promoting home ownership. EC's offer many benefits including lower down payments, relaxed minimum income requirements, and lower approval standards. However, they are not available to foreigners and the government is gradually releasing more of them for sale each year.

When you want to buy North Gaia EC, it is typical that you'll need at least 25% of the purchase price and a maximum loan of 75%. However, with the recent introduction of executive condominiums (EC) by the government, homeownership is now more achievable for many Singaporeans. ECs are cheaper than typical private condos because they are built on lesser land area.

An executive condominium is a good option for people who are in the process of upgrading to a bigger house or want to save some money on rent. 

Who is Eligible to Buy North Gaia Executive Condominium

The Executive Condominium is a newly released housing type in Singapore. It was introduced in 2018 in an attempt to meet the needs of lower-income families. It differs from other types of housing because it can be bought by individuals, companies, and even foreigners. The eligibility often depends on the payment of the local property taxes (and other criteria). There are no restrictions on how much you buy including how many units you want to buy at one time.

North Gaia EC is a new executive condominium (EC) is a type of property that is exempt from the minimum occupation period of three years and can be bought by Singaporeans at age 35 and above. Interested buyers should consider the eligibility criteria for an EC before making any decisions on their purchase.

The Executive Condominium (EC) Scheme was introduced in 2002 to provide Singaporeans with a new housing option. It is targeted at those who are earning up to $16,000 combined gross income. These are typical professionals such as executives, managers, supervisors, doctors, dentists or engineers. EC owners enjoy the benefits of owning a property while also having the freedom of renting it out after 5 years if they wish to move overseas for work or other reasons.

Advantages of an Executive Condominium

Although North Gaia EC does not come with the same privileges as a freehold property, it is ideal for those who are looking for a good investment.

They are also very easy to sell if buyers are looking for something more modern.

North Gaia EC is great option for families who are looking for an alternative to purchasing a resale home. This particular type of condo is meant for individual ownership, which means you don't have to worry about having fight with your neighbors about lawn care or other house-related issues. Your entire family will be able to enjoy this luxury lifestyle by purchasing an Executive Condominium together.

The exponential growth of Singapore's population has put pressure on the country's dwindling natural resources, which has led to a shortage of housing. With the median price for an apartment now exceeding $1 million, more and more middle-class families are unable to purchase their own home and must turn to public housing estates. As a result, the waiting list for these estates is over 20 years and many find themselves living in one cramped bedroom or living with family members.

Disadvantages of Buying an Executive Condominium

Buying an executive condominium such as North Gaia EC can be a risky business. It can take years to recover the full cost of buying, and the market is volatile. 

Executive condominiums are a product that corresponds with Singapore's housing policy. They're a form of home ownership that is quite popular in the country because it is cheaper than buying private property. In fact, they can be as much as 80% cheaper than private property. However, the downside to these properties may be the lack of benefits from owning an executive condominium versus an HDB flat.

A year ago, you might not have even heard of an executive condominium (EC), and today, they’re so popular you feel like everyone is buying one. But what advantages do ECs really offer? Despite the hype around ECs, there are a few disadvantages that buyers should be aware of before making their decision.

Where are Executive Condominiums Located

Executive condominiums are a unique project in a growing market. They are a hybrid between a private property and an HDB apartment which is why they have been dubbed “semi-public” property. They were developed primarily for the middle to high income group, with the median monthly income at $5000.

Executive condominiums are located in a wide range of locations in Singapore. The Home Ownership Scheme encourages purchasing a home to live in rather than being a landlord. This has led to the low availability of executive condominiums for purchase since not many have been built by developers. The Housing and Development Board (HDB) is building more executive condominiums to meet demand.

Executive condominiums are situated in prime locations. If you are looking for the perfect combination of luxury, convenience, affordability and exclusivity, executive condominium units are becoming an increasingly popular option. Executive condo units provide residents with the opportunity to purchase a stake in these prestigious properties at a lower price than that of a private condominium unit.

For example, North Gaia EC is located along Yishun Ave 9, near to amenities such as Junction 9 and Khatib Bongsu Nature Park.

 

How to Finance the Purchase of Your Executive Condominium

If you are looking for a home to purchase as an investment, but can't afford the hefty price tag, financing your purchase may be one option that is right for you. One way to finance the purchase of an executive condominium is by taking out a mortgage.

Executive condominiums are inherently expensive to purchase, as they're priced higher than counterparts such as private condos and public housing. However, there are a few ways to finance the purchase of an executive condominium. One option is to utilize a mortgage with a bank or other financial institution. Another option is to take out a loan from the developer of the executive condominium itself.

Should You Engage a Real Estate Agent To Help You In Purchasing an Executive Condominium?

A question that many people ask when they are buying their next property is whether they should seek the advice of a housing agent to buy an executive condominium. In recent years, these properties have been one of the most popular ones to buy, as homeowners prefer to live close to where they work. If you are not sure about whether or not you should hire a housing agent for this type of purchase, here are a few reasons why it might be a good idea to do so.

More information on North Gaia EC here.