Buying a New EC in Singapore
Buying a new EC in Singapore offers a unique opportunity for eligible citizens and permanent residents to secure an affordable and well-designed housing option. As a hybrid between public and private housing, Executive Condominiums (ECs) come with a range of benefits, including attractive subsidies, grants, and ownership flexibility.
This article will delve into the key considerations and processes involved in purchasing a new EC, providing prospective buyers with valuable insights into navigating the intricacies of this distinct segment of the Singaporean real estate market. From eligibility requirements to financing options, this guide aims to equip individuals with the essential knowledge needed to make informed decisions and embark on their journey to becoming proud owners of a new EC in Singapore.
Eligibility criteria for buying a new EC in Singapore
You must be a Singapore citizen (SC) or a Singapore permanent resident (SPR).
2. Family nucleus
At least one of the applicants must be an SC, with the other being an SC or SPR. If you are applying under the Joint Singles Scheme (JSS), all applicants must be SCs.
All applicants must be at least 21 years old at the time of application. If you are applying under the JSS, all applicants must be at least 35 years old.
Your average gross monthly household income must not exceed S$14,000.
5. Property ownership
You must not own or dispose or have an interest in any private properties within the last 30 months.
6. Resale levy
If you have purchased a subsidised housing before, you will need to pay a resale levy when you buy a new EC. The amount of the resale levy will depend on the type of subsidised housing you have previously purchased.
Schemes for buying a new EC
1. Public Scheme
This is the most common scheme for buying a new EC. You can apply under this scheme if you meet the general eligibility criteria and you are not buying an EC under any other scheme.
2. Fiancé/Fiancée Scheme
This scheme is for couples who are engaged to be married. You can apply under this scheme if you meet the general eligibility criteria and you are both SCs.
3. Orphans Scheme
This scheme is for orphans who are at least 21 years old. You can apply under this scheme if you meet the general eligibility criteria and you are the sole surviving child of your parents.
4. Joint Singles Scheme
This scheme is for singles who are at least 35 years old. You can apply under this scheme if you meet the general eligibility criteria and you are buying an EC with another single.
What is the process for buying a new EC in Singapore?
The process for buying a new EC in Singapore is as follows:
- Check the eligibility criteria and choose a scheme.
- Register your interest with the developer.
- Apply for an Option to Purchase (OTP).
- Pay the 5% option fee.
- Sign the Sales and Purchase Agreement (SPA).
- Pay the remaining downpayment.
- Obtain a loan from a bank.
- Settle the balance payment.
- Collect the keys to your new EC.
What are the pros and cons of buying a new EC in Singapore?
Here are some of the pros and cons of buying a new EC in Singapore:
- ECs are a good option for middle-income Singaporean families.
- ECs offer more space than BTO flats.
- ECs appreciate in value over time.
- ECs have a longer lease period than HDB flats.
- The eligibility criteria for buying an EC are more stringent than for a BTO flat.
- The price of an EC is typically higher than a BTO flat.
- ECs are subject to a resale levy, which is a percentage of the resale price that is paid to the government.
Ultimately, the decision of whether or not to buy a new EC in Singapore is a personal one. There are both pros and cons to consider, and the best option for you will depend on your individual circumstances.