Understanding Executive Condominiums

An executive condominium is a kind of housing that was introduced so as to cater to the needs of different citizens, especially the younger professionals and graduates who were not in a position to access private property but only a flat. In design and their facilities, the Executive Condominium is actually quite similar to the private condos because of the fact that the development and the sale of the same is done by different private developers. An Executive Condominium usually comes with almost all of the facilities that many of the condos do. The difference is that there is a 99 year leasehold instead of a freehold and this is one of the biggest differences.

Eligibility

There are different criteria that a purchaser has to meet so as to be able to access a condominium. The applicant has to be a citizen or a permanent resident or both. They also have to be a kind of family nucleus just like is the case with different public housing schemes. There is a set monthly income that has been set so as to qualify for such ownership.

Incentives

There are certain incentives that have been set for people who desire to own an Executive Condominium so as to make it easier. Housing grants are usually set and this depends on a person’s citizenship.

There are Executive Condominiums 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 are able to cater for a lot of people at the same time. Developers are also very good at what they do and they create some of the most magnificent structures ever.

Most of the residential units are of a luxurious nature and the land is usually quite spacious so as to cater for all activities. There are studio units and up to five bedroom units which may or may not have private lift lobbies. In some cases, semi detached houses and bungalows can also be included as part of the project.

The fact that such establishments come with many unit sizes means that couples, singles and all family sizes can actually be able to find something that they can really work with.

Transport is another aspect that the developments cover with most of them being located at prime locations close to expressways and public transportation. This is a great advantage to all the residents, especially the ones that need to get around. Usually, there are some great opportunities for recreation that are just close by.

Banking, retail and dining needs are well catered for because there are different malls established around such developments. This means that it is very easy for the residents to get all the services that they may require so as to add to the quality of life.

Facilities like swimming pools, BBQ areas, playgrounds, and so many more are included in such establishments so as to keep the residents engaged. Also, the developments are situated within areas where there are schools for families with children.