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Executive Condominium Information

Overview of eligibility conditions

Family nucleus

You will need to qualify for the EC under one of these eligibility schemes:

  • Public Scheme
    • You form a family nucleus with any of the following:
      • Spouse, and children (if any)
      • Parents, and siblings (if any)
      • Children under your legal custody, care, and control (for widowed/ divorced applicants)
    • Fiancé/Fiancée Scheme
      • You form a family nucleus with your spouse-to-be.
    • Orphans Scheme
      • You and your siblings (those applying) are orphans and single (unmarried, divorced, or widowed)
        • All of the siblings that are single must be listed in the same application
        • At least 1 of the deceased parents was a Singapore Citizen or Singapore Permanent Resident
      • Note that under the Orphans Scheme, siblings are not allowed to buy or rent flats separately.
    • Joint Singles Scheme
      • You and up to 3 other co-applicants, and all of you are:
        • Single (unmarried, divorced, or widowed)
        • Singapore Citizens
        • At least 35 years old
        • Applying jointly as co-applicants
      • The CPF Housing Grant for singles is not available when buying an EC.

Citizenship

  • You must be a Singapore Citizen
  • At least 1 other applicant must be a Singapore Citizen or Singapore Permanent Resident
  • All singles must be Singapore Citizens if applying under the Joint Singles Scheme
executive condo

Fully Sold Rivercove Residences EC

Age

  • At least 21 years old
  • At least 35 years old, if applying under the Joint Singles Scheme

Income ceiling

  • Your household income must not exceed the $14,000 income ceiling.
  • If your household income exceeds the above amount. You may wish to contact us and we do our best to assist.

Property ownership

You, your spouse, any occupiers listed in the Application Form or their spouses, must not own, dispose or have an estate or interest in any other flat, house, building or land*

  • Within 30 months before the date of application, and
  • Between the application date and the date of taking possession of the EC

*includes but not limited to:

  • HUDC Flats (Privatized or Non-Privatized)
  • Properties acquired by gift
  • Properties inherited as beneficiaries under a will or as a result of the intestate Succession Act
  • Private Properties
  • Properties owned/acquired/disposed through nominees regardless of properties location

Owners / Ex-owners of HDB flats / DBSS flats / EC units

  • Each eligible Singaporean household can buy the following housing unit only twice:
    • a flat from the HDB
    • a resale flat with the CPF Housing Grant*
    • a DBSS flat from developer
    • an EC unit from developer

If you have already bought two housing units, you will not be eligible to apply or be listed as an essential occupier in an application.

First-timer Applicants

You and the essential family members listed in the application for purchase of the flat must not:

  • Be the owner of a flat bought direct from HDB, a DBSS flat or an Executive Condominium bought from the developer
  • Have sold a flat bought direct from HDB, a DBSS flat or an Executive Condominium bought from the developer
  • Have received the CPF Housing Grant for the purchase of an HDB resale flat
  • Have taken other forms of housing subsidy (e.g. benefited under the Selective En bloc Redevelopment Scheme, privatization of HUDC estate etc
  • 70% of the units are set aside for first-timers during the initial launch period.

Second-timer Applicants

You or the essential family members listed in your application have owned/sold or are currently owners of:

  • Any HDB flat that was bought from HDB, or
  • Any resale flat was bought under CPF Housing Grant Scheme, or
  • A DBSS flat or an EC bought from the developer, or
  • Have enjoyed other forms of housing subsidy (e.g. enjoyed benefits under the Selective En bloc Redevelopment Scheme, privatization of HUDC estate etc.)
  • Resale Levy
    • Second-timers who apply for this project will have to pay a resale levy.
      • The Resale levy amount is $55,000 if the first subsidised flat sold on or after 3 March 2006.
      • The Resale levy amount is 25% of the resale price of the sold flat, or 90% of its market valuation, whichever was higher if the first subsidised flat sold before 3 March 2006.
    • The resale levy payable is determined at the point you book your EC. Payment can only be made by way of your flat sale proceeds and/ or cash.

Existing Owner or Ex-Owner

  • Flat bought directly from HDB
  • DBSS flat bought from the developers
  • Resale flat bought under the CPF Housing Grant Scheme
  • If you belong to any of the above categories, you may apply to buy an EC on condition that a 5-year period (excluding any period of subletting of the whole flat) has lapsed from the #date of taking possession of the flat to the date of application for the EC.

# The date of taking possession refers to following dates:
* Date of key collection, for flats that are bought direct from HDB
* Date of resale completion, for resale flats bought from open market with CPF Housing Grant
* Date of transfer at market value of the flat bought with CPF Housing Grant
* Date of key collection for EC/DBSS flats bought from the developer

Ex-owners of an EC

Are you, your spouse or any of the essential occupiers listed in the application an ex-owner of an Executive Condominium bought directly from the developer? If yes, you would need to wait 5 years from the date of taking possession of the earlier Executive Condominium before applying for the EC.

  • 30-Month Period
    • In addition, you need to wait out a 30-month period from the effective date of disposal (i.e., date of legal completion of the sale of your Executive Condominium, evidenced by the Notice of Transfer or such other documentary evidence as HDB may require) of the Executive Condominium before you can apply to buy an Executive Condominium unit from the developer.

Essential Occupiers

Any person applying to buy the EC or be listed as an occupier must not currently be listed as an essential occupier of:
* An existing HDB flat bought directly from HDB,
* A DBSS flat bought under the CPF Housing Grant Scheme, or,
* A resale flat bought under the CPF Housing Grant Scheme

However, you may be eligible if you have stayed in the existing flat for at least 5 years from the #date of taking possession of the existing flat to the date of application for a new flat.

Divorcees

In case of a divorce, conditions will apply for the following types of property:

  • Flat bought from HDB
  • Resale flat bought with a CPF Housing Grant
  • DBSS flat/ EC bought from the developer

3-year wait-out period

  • For 3 years from the date of the divorce, only 1 party in the divorce can own any of the above properties
  • If any of the above properties was the matrimonial home and is now owned by your ex-spouse, you must wait for 3 years before you can buy or be listed as an essential occupier in one
  • If the matrimonial home was not one of the above, or if there was no matrimonial home, 1 party can apply for the abovementioned property types. However, the other party must first undertake to not own or be listed as an essential occupier of said properties for 3 years from the date of the divorce

Exception

There is no need for any 3-year wait-out period or undertaking if you are:

  • Buying one of the above properties with your parents and/ or new spouse
  • A parent meeting these conditions:
    • ​All of your children are aged below 18 at the date of the divorce
    • All the children are under your legal custody and you are the only parent given the care and control of your children
  • Note:  The 3-year wait-out period will not apply where the Option-to-Purchase (OTP) is granted on or after 6 Mar 2018.

Interest in Private Property

You cannot invest in private residential property (either locally or overseas) during the 5-year minimum occupation period.

NORTHWAVE

Northvale EC in Woodlands

Conditions after Purchase of an Executive Condominium

Selling of current HDB / DBSS flat in the open market

  • If you currently own an HDB / DBSS flat, you and/or your spouse must dispose of the flat within 6 months from the date of issuance of the Temporary Occupation Permit in respect of the new EC.
  • If you intend to apply to purchase an EC where the Temporary Occupation Permit for the EC has been issued, you will be required to dispose of your existing HDB / DBSS flat within 6 months from the date the Developer sends you the Notice of Vacant Possession.

Enjoyment of Subsidy

  • You and your spouse will be considered as having enjoyed a housing subsidy when you buy the executive condo unit from the developers under the CPF Housing Grant Scheme.

Minimum Occupation Period (MOP)

  • Sale of your Executive Condominum
    • You have to occupy your EC unit for at least 5 years before you can sell it in the open market.
  • Essential occupiers in the Executive Condominium
    • Occupiers who are essential in forming a family nucleus with you in the EC application must continue to be listed in the application and stay in the EC during the 5-year minimum occupation period.
    • They cannot make a separate application, or be listed as occupiers in another application to buy an HDB flat or another EC within the MOP.

Buying another subsidised housing

  • If you sell your EC unit in the open market, you must wait for 30 months after the sale before you can submit an application to buy:
    * a new flat from HDB
    * an apartment under Design, Build and Sell Scheme (DBSS) from developers
    * another EC from developers

Procedures and the Booking Process

Procedures and the Booking Process

If you are eligible and would like to book a unit. You may like to submit to do a EApp with the appointed marketing agent to express your interest. An EApp is an electronic application and does not mean you are obligates to purchase the unit. It more of a registration process and your EApp will allow you to book a unit when the development is officially launched.

Once the development is officially launched. The booking of a unit will likely be through balloting. For applicants who have submitted their eApps. They will be given priority to book a unit if they are selected. Depending on the availability of units. It is always advisable to shortlisted a few choice units to prevent disappointment. The marketing agent will brief you more on the balloting process.

Once the balloting process is over. The launch will be officially open to the general public to book the remaining units directly.

If you have successful book a unit. Please bring along the following:

  • Your NRIC
  • Your marriage certificates
  • Pay slips
  • CPF Housing Grant application form (if eligible). These must be submitted to the developer within 1 week of the booking or you risk not being able to use your grant to pay your down payment

To book your unit. You need to pay the 5% booking fees in cheque. The developer will in return deliver the “Option to Purchase” to you together with other documents. Your application will be assessed by HDB in the next 4 to 6 weeks. Pending HDB approval, you should contact any mortgage brokers to finalise your loan. Once you have decided on the specific loan package. The bank will issue you a Letter of Offer (LO).

Once your application is approved by HDB. The developer will deliver the Sales and Purchase (S&P) agreement to you. You will have 3 weeks to exercise the S&P. You will need to pay the 15% Exercise Fee at the point of signing the S&P, or within 8 weeks from the date of the Option, whichever is later.

Buyer Stamp Duty is also payable within 2 weeks when the S&P is exercised.  Here, if you decide not to go through with the purchase, 25% of the booking fees (1.25%) will be forfeited by the developer.

For second timers. 30% of the units will be make available to you. Once the 30% quota is achieved. The second timers will have to wait 30 days later to book the remaining units that are available.

timeline

Payment Scheme

EC have 2 forms of payment scheme to chose from. They are:

  • Normal Payment Scheme (NPS) also know as Progressive Payment Scheme, allows you to service your loan via monthly instalments progressively as the property is being built.
  • Deferred Payment Scheme (DPS) allows home owner to service their home loan, only when the EC has obtained Temporary Occupation Permit (TOP). DPS is very popular to buyers who currently own a HDB and have monthly instalments to service. This allows them to better manage finances so they don’t need to service two loans (HDB & EC) concurrently. Because of the attractiveness of the DPS, there is usually a 2 – 3 percent premium on the purchase price.
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