When buying a flat or an apartment, the customer will be extremely careful. He will do a lot of background research on the project developers, on the sales team and each and every little thing related to that project. Because, he feels that he is investing a lot of money, and when he is doing so, it becomes his responsibility and right to do his homework and walk up about the project. The Rivercove Residences is one of the biggest residential projects that are going to come up in Singapore. In the same way, when a big project like The Rivercove Residences, is selling out its product, that is the apartment or whatever, to its customers, it has to be extremely careful about it. It cannot just sell off to any random person or stranger. Therefore, the particular project has adopted the EC (execution condominium) in its selling process. This mega project requires you to be qualified in the conditions levied by the Execution Condominium, if you are planning to buy some space, be it any kind, in the big project. Here is a list of the conditions:
- For owing a residence in this particular mega project at Anchorvale, Singapore, the project requires you to be a citizen of Singapore. This avoids most of the problems that the project might face as a consequence.
- In case, you are applying under the category of “Joint Single Scheme “, the project takes all its precautions and states that all the singles who are applying under the scheme has to be a citizen of Singapore.
- The project considers many situations and to make it easy, it says that if you are not a citizen of Singapore, you should at the least have one permanent residence in Singapore.
- If you are applying under the category of “Joint Single Scheme “, the project takes all its precautions and states that each of all the singles who are applying under the scheme has to be of the age 35 years and above.
- Normally, the project requires the individual to be 21 years of age.
- The project requires that the average gross monthly household income of the entire family must not exceed $14000.
- The project requires that you do not own any other property overseas ( outside Singapore ) or even in Singapore
- The project also requires that you should not have disposed off any property within the last 30 months of applying.
- You should not have bought any of the Housing and Development Board Flat or DBSS (Design, Build and Sell Scheme) flat before.
- You should not receive an EC earlier or any kind of CPF Housing Grant before.
As the seller of this big project, this particular project has considered all the security issues that might rise up and resorted to the EC (executive Condominium) terms and conditions to simplify their job.