Executive Condo at Sumang Walk, Punggol

The new launch Executive Condominium (EC) at Sumang Walk, Punggol, is a highly anticipated EC of 2019, as it’s set to be the only EC launch in the year of 2019! The pent-up demand is high for a new launch EC in Singapore, as it’s severely low in supply. And as the only EC launching in 2019, this Punggol EC will be in high demand from all qualified EC buyers.

Basic Info:

The Location
Located at Sumang Walk, Punggol, this exciting new Executive Condominium is in a highly desirable location. Since the transformation of Punggol started many years ago, Punggol have been transformed into a waterfront township, with matured estate amenities like mega shopping mall (Waterway Point), schools, garden and parks, My Waterway at Punggol (A 4.2 KM long waterway park), Safra club, and more.

Going forward, more exciting transformation will happen to Punggol, including turning Punggol into a Digital District, as well as the upcoming integrated development, Punggol Town Hub (which will have a regional public library, new hawker centre, and more) and new Punggol Regional Sport Centre. Both Punggol Town Hub and Punggol Regional Sport Centre are expected to be completed by 2021.

All these transformations will make Punggol one of the most liveable and exciting neighbourhoods in Singapore, as well as increasing the value of the properties in Punggol.

Punggol Digital District:

The Punggol Digital District will bookend the North Coast Innovation Corridor, housing technology firms involved in key growth fields such as cyber-security, as well as fostering industry-academia collaboration at the new Singapore Institute of Technology Campus.

The Digital District will be created by extending the existing Punggol Town Centre towards the waterfront, and developed as a mixed-use district comprising commercial and business park uses, alongside the new Singapore Institute of Technology (SIT) campus. The district will be geared towards the digital and cyber-security industries cluster, and will be used to drive Singapore’s Smart Nation push through the incorporation of innovative technologies and ideas.

The JTC Corporation is the Master Developer for Punggol Digital District. As it is an Enterprise District, JTC will have the flexibility to develop the district based on overall land use and Gross Plot Ratio guidelines set at the district level, rather than having specified guidelines for individual land parcels. This will allow for better integration of needs, flexibility in responding to the industry shifts, and the ability to holistically plan district-wide design features such as pedestrian connectivity and public spaces.

The Punggol Digital District is also planned with the larger Punggol community in mind, providing an attractive work, learn and play environment. A new hawker centre, community club and childcare facilities will be located within the district. Along the waterfront, an active and lively Market Village will be planned with retail, dining and leisure options for workers, residents and students to relax and unwind.

Buying an Executive Condominium:
For those who are eligible to buy a Executive Condominium in Singapore, it’s a great idea. Literally, you get to buy a condominium with the same facilities as private condo, at a much lower price plus the grants from Government. And in 5 years time, you can sell it like a private condo to Singaporean and Permanent Residents of Singapore, and in 10 years time, it’s fully privatised and you can sell to anyone including foreigners, just like a private condo.

And since you buy it with much lower price plus subsidy, and can sell it like a private condo later on, there’s a very high chance that you will make a good profit in 5 to 10 years time.

Also, for home buyers who aspire to enjoy a condominium living lifestyle, yet restricted by budget, Executive Condo is one obvious and excellent option.

Eligibility for Executive Condominium:

Unlike a private property, not everyone are eligible to buy an Executive Condominium. Here are the eligibility criteria to be met:

You can apply if you meet the following criteria:

Your household income must not be above $14000
You are a Singaporean Citizen
You have not owned any property, locally or overseas, in the last 30 months and you do not own any property now
You have not owned more than one HDB/DBSS or EC flat previously

You also have to fall under one of the following schemes:

Public Scheme: you apply either with your spouse (and children, if any), your parents (and siblings, if any), or solely with your children (granted that you have legal custody).

Single scheme: you are applying by yourself, as a single.

Fiance scheme: you are applying with your fiance.

Orphan scheme: you are an orphan and you are applying with a sibling.

Lastly:

If you are applying under the single scheme as detailed above you will have to be 35 years or older whilst an age of at least 21 will suffice if you are applying under any of the other schemes.
If you are applying for either the Orphan, the Fiance or the Public scheme, then at least one co-applicant needs to be either a Singapore Citizen or a Singapore Permanent Resident.