Ultroman
22-03-12, 15:54
With recent revisions of rules to purchase of EC, potential Ec buyer may find it useful to refer to this guide.
What is Executive Condominum (EC)
EC is a government initiative to cater to Singaporeans, who can more than afford HDB flat but may not be able to afford private property. ECs are comparable in design and amenities to private condominiums as they are developed and sold by private developers. Hence, ECs usually enjoys condominium facilities and likely to have a tenure of 99-year leasehold. More importantly, EC prices usually adjust to comparable private condominium pricing, when nearing and after surpassing the 5-year Minimum Occupation Period (MOP).
Eligibility Criteria
EC applicants would need to form a family nucleus with both Singapore Citizens or one Singapore Citizen and another Singapore Permanent Resident. In forming a family nucleus, there are 4 schemes available; Public, Fiance/Fiancee, Orphan and Joint Singles. In addition, the gross monthly household income should not exceed $12,000 per month.
Also, no applicants and occupiers must own or 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 (Privatised and Non-Privatised), 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. ]
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.
[**Only applicable for first-timer applicants. 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.]
If you are eligible for EC, are you 1st or 2nd timer
Eligible applicants who have met the above eligibility criteria shall be considered either as 1st or 2nd timer applicants.
To be considered as 1st timer, you and the essential family members listed in the application for purchase of the flat must not
Be the owners 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 enjoyed other forms of housing subsidy (for example, enjoyed benefits under the Selective En bloc Redevelopment Scheme, privatisation of HUDC estate etc)If you do not qualify as 1st timer, you can be considered as 2nd timer which is defined as you or the essential family members listed in your application who have owned/sold or are currently owners of:
Any HDB flat that was bought from HDB, or
Any resale flat that was bought under the CPF Housing Grant Scheme, or
A DBSS flat or an EC bought from the developer, or
Have enjoyed other forms of housing subsidy (for example, enjoyed benefits under the Selective En bloc Redevelopment Scheme, privatisation of HUDC estate etc.)Important note for 2nd timers: From 2 March 2012, the developers will set aside 30% (instead of 5%) of the supply for 2nd timers during the initial launch period.
Additional Criteria for Different Types of Applicants
- If you are existing owner or ex-owner of HDB/DBSS flat:
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 a new EC.
- If you are ex-owner of EC:
You would need to meet a 5-year period from the date of taking possession of the earlier Executive Condominium. 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 their 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 another Executive Condominium directly from the developer.
- If you are an essential occupier of HDB/DBSS flat:
You may apply or be included in an application only if he has stayed in the existing flat for 5 years from the date of taking possession of the existing flat to the date of application for an EC.
- If you are a divorcee:
You may apply to buy an EC or be listed as an occupier after 5 years from the date the divorce is made absolute to the date of application for an EC if your matrimonial flat was bought directly from HDB, or was a DBSS/resale HDB flat under CPF Housing Grant.
- If you have previously bought an EC/DBSS flat with CPF Housing Grant, but terminated the S&P Agreement:
You may apply for an EC a provided a 5-year period has lapsed from the termination date of the S&P Agreement of their earlier EC or DBSS flat purchase, to the date of application date for an EC.
Information found in http://singaporepropertyguru.com.sg/2012/03/buyers-guide-for-ec/
What is Executive Condominum (EC)
EC is a government initiative to cater to Singaporeans, who can more than afford HDB flat but may not be able to afford private property. ECs are comparable in design and amenities to private condominiums as they are developed and sold by private developers. Hence, ECs usually enjoys condominium facilities and likely to have a tenure of 99-year leasehold. More importantly, EC prices usually adjust to comparable private condominium pricing, when nearing and after surpassing the 5-year Minimum Occupation Period (MOP).
Eligibility Criteria
EC applicants would need to form a family nucleus with both Singapore Citizens or one Singapore Citizen and another Singapore Permanent Resident. In forming a family nucleus, there are 4 schemes available; Public, Fiance/Fiancee, Orphan and Joint Singles. In addition, the gross monthly household income should not exceed $12,000 per month.
Also, no applicants and occupiers must own or 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 (Privatised and Non-Privatised), 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. ]
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.
[**Only applicable for first-timer applicants. 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.]
If you are eligible for EC, are you 1st or 2nd timer
Eligible applicants who have met the above eligibility criteria shall be considered either as 1st or 2nd timer applicants.
To be considered as 1st timer, you and the essential family members listed in the application for purchase of the flat must not
Be the owners 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 enjoyed other forms of housing subsidy (for example, enjoyed benefits under the Selective En bloc Redevelopment Scheme, privatisation of HUDC estate etc)If you do not qualify as 1st timer, you can be considered as 2nd timer which is defined as you or the essential family members listed in your application who have owned/sold or are currently owners of:
Any HDB flat that was bought from HDB, or
Any resale flat that was bought under the CPF Housing Grant Scheme, or
A DBSS flat or an EC bought from the developer, or
Have enjoyed other forms of housing subsidy (for example, enjoyed benefits under the Selective En bloc Redevelopment Scheme, privatisation of HUDC estate etc.)Important note for 2nd timers: From 2 March 2012, the developers will set aside 30% (instead of 5%) of the supply for 2nd timers during the initial launch period.
Additional Criteria for Different Types of Applicants
- If you are existing owner or ex-owner of HDB/DBSS flat:
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 a new EC.
- If you are ex-owner of EC:
You would need to meet a 5-year period from the date of taking possession of the earlier Executive Condominium. 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 their 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 another Executive Condominium directly from the developer.
- If you are an essential occupier of HDB/DBSS flat:
You may apply or be included in an application only if he has stayed in the existing flat for 5 years from the date of taking possession of the existing flat to the date of application for an EC.
- If you are a divorcee:
You may apply to buy an EC or be listed as an occupier after 5 years from the date the divorce is made absolute to the date of application for an EC if your matrimonial flat was bought directly from HDB, or was a DBSS/resale HDB flat under CPF Housing Grant.
- If you have previously bought an EC/DBSS flat with CPF Housing Grant, but terminated the S&P Agreement:
You may apply for an EC a provided a 5-year period has lapsed from the termination date of the S&P Agreement of their earlier EC or DBSS flat purchase, to the date of application date for an EC.
Information found in http://singaporepropertyguru.com.sg/2012/03/buyers-guide-for-ec/