THE BROWNSTONE EC

THE BROWNSTONE EC

Canberra Drive | D27

TOP  Jan 2018

BELLEWOODS EC

BELLEWOODS EC

Woodlands Ave 5 | D25

TOP Nov 2017

WESTWOOD RESIDENCES EC

WESTWOOD RESIDENCE EC

Westwood Ave | D22

TOP 2018

SOL ACRES EC

SOL ACRES EC

Choa Chu Kang Grove | D23

TOP Mar 2019

NORTHWAVE EC

NORTHWAVE EC

Woodlands Ave 12 | D25

TOP Feb 2019

THE CRITERION EC

THE CRITERION EC

Yishun Street 51 | D27

TOP Dec 2018

 

EXECUTIVE CONDOMINIUM

GUIDE TO BUY AN EXECUTIVE CONDOMINIUM

 

Executive Condominiums (EC) are a hybrid housing type that are built and sold by private developers but have eligibility conditions for purchase and sale, similar to HDB flats.

Pre-purchase checks

Time bar

  • Buyers and essential occupiers who currently own the following types of properties will need to fulfill a 5-year Minimum Occupation Period (MOP):
  • starting from date of key collection for flats bought directly from HDB
  • starting from date of resale completion or date of transfer for HDB resale flat
  • starting from date of key collection for DBSS flats bought from developers
  • Buyers and essential occupiers who currently own an Executive Condominium bought from a developer will need to
  • fulfill a 5-year MOP starting from the date of key collection
  • wait a 30-month period from the date of disposal of the existing EC

before they can apply for a new EC or be listed as an essential occupier.

  • Buyers and essential occupiers must not own or have disposed of any HUDC flats or private residential properties within the 30 months before the date of application for a new EC. In other words, if you own a private home, you must sell it and wait 30 months before you can apply for a new EC.

Prior ownership of residential property

  • Persons who have bought or owned two of the following types of properties will not be eligible to apply for a new EC or be listed as an essential occupier in an application
  • Flat bought directly from HDB
  • EC/DBSS flat bought from developer
  • HDB resale flat bought using CPF housing grant

Eligibility

  • Buyer must be a Singapore citizen at least 21 years old applying with at least one other applicant that is at least 21 years old and either a Singapore citizen or Singapore permanent resident
  • All applicant must be Singapore citizens if applying under Joint Singles Scheme
  • Gross household income must not exceed $14,000
  • Buyers must qualify under one of the following schemes:

 

Public Scheme

  • Form family nucleus with any of the following
  • Spouse
  • Parents
  • Children under legal custody, care and control (for widowed or divorced applicants)

 

Fiancé/fiancée scheme

  • Form family nucleus with fiancé/fiancée
  • Must produce Marriage Certificate to developer within 3 months from taking possession of the EC unit
  • Must produce Marriage Certificate to developer before taking possession of the EC unit for buyers taking CPF housing grant

 

Orphans scheme

  • Form family nucleus with any of the following
  • Unmarried siblings
  • At least one of the deceased parents was Singapore citizen or Singapore permanent resident.
  • All unmarried siblings must be listed in the same application. Siblings cannot qualify under separate Orphans schemes.
  • Another single unrelated orphan

 

Joint singles scheme

  • Form family nucleus with another single
  • Both singles must be at least 35 years old
  • Not eligible for CPF housing grant for singles

 

  • Buyers of dual-key EC units must form a multi-generation family comprising one of the following
  • Married couple with parents/grandparents
  • Fiancé and fiancée couple with parents/grandparents
  • Widowed or divorced with children and parents/grandparents

Application and purchase procedure

  • Obtain an Approval in Principle (AIP) for a bank loan
  • This can be done before or after submitting e-Application
  • An AIP lets you know your eligible loan quantum and the monthly mortgage
  • Having an AIP before booking prevents the forfeiture of your booking fee should there be hiccups in the process of mortgage approval
  • Submit e-Application to developer for eligibility check
  • e-Application will be processed and developer will issue ballot number to eligible buyers
  • Visit show flat and select your unit
  • Buyers can back out of the purchase at any point up to this without suffering any financial penalty

 

Booking of unit

  • Pay 5% booking fee in exchange for Option to Purchase (OTP)
  • The developer will deliver the Sales and Purchase Agreement (S&P) within 2 weeks to your address or your lawyer
  • Option to Purchase is valid for 3 weeks from delivery of S&P
  • Check for and pay Resale Levy
  • Buyers who have received a CPF housing grant or previously bought one of the following properties then sold it, and then buys an EC from a developer where the land sale tender was not launched or closed on or before 9 December 2013 will have to pay resale levy
  • new flat from HDB
  • Design, Build and Sell Scheme flat
  • EC from a developer
  • Buyers who buy an EC from a developer where the land sale was launched or closed on or before 9 December 2013 will not need to pay a resale levy
  • The resale levy payable is dependent on the flat-type of the property previously owned and the date it was sold

 

THE AMOUNT OF RESALE LEVEY

THE AMOUNT RESALE LEVY EARLY 3 MAR 2006

RESALE LEVY BEFORE 3 MAR 2006

CUT OF DATE OF RESALE LEVY

CUT OF DATE 

 

 

  • Submit OTP to bank
  • Receive Letter of Offer (LO)
  • The LO is a contract stating the terms of the loan offered by the bank to the borrower
  • Sign Letter of Offer (LO)
  • This forms a binding contract between the bank and the borrower
  • Sign and send S&P to the developer, and pay the balance down payment of 20% of purchase price, less booking fee paid
  • The developer may allow buyers to pay the balance down payment within 8 weeks of the Option date
  • If Option is not exercised, 25% of the booking fee will be forfeited with the remaining 75% refunded to buyer
  • Pay Stamp Duty within 2 weeks of signing S&P
  • The Buyer’s Stamp Duty (BSD) is computed based on the purchase price or market value of the property, whichever is higher
  • Buyer needs to pay BSD of 1% on the first $180,000, 2% on the next $180,000 and 3% on the remaining amount of the purchase price
  • Bank makes loan disbursement to developer according to schedule of payment
  • The bank will send a Loan Disbursement Advice and notice to start monthly repayment
  • Start monthly repayment for your home loan

Schedule of payment

  • The purchase price will be paid in installments according to the Standard Payment Scheme
  • Notice of progress payments must be supported by the architect’s Certificate of Stage Completion

Stage

  • Upon the grant of Option to Purchase: 5% (Booking Fee)
  • Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option Date: 15%
  • Completion of Foundation Work: 10%
  • Completion of Reinforced Concrete Framework of Unit: 10%
  • Completion of Partition Walls of Unit: 5%
  • Completion of Roofing / Ceiling of Unit: 5%
  • Completion of Door Sub-Frames / Door Frames, Window Frames, Electrical Wiring, Internal Plastering and Pluming of Unit: 5%
  • Completion of Car Park, Roads and Drains Serving the housing project: 5%
  • Temporary Occupation Permit or Certificate of Statutory Completion: 25%
  • On Completion Date: 15%

Expected TOP and Vacant Possession Date

  • The developer may provide an estimated Temporary Occupation Permit (TOP) date. The actual TOP date may vary depending on construction progress
  • The developer is contractually bound to deliver Vacant Possession of the property by the date stated in the OTP and S&P. Failing which, the developer has to pay liquidated damages to the buyer

 

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