Readers ask: How To Buy Executive Condominium In Singapore?

How do you buy an executive condo?

99.co guides: The Steps to Buy an Executive Condominium

  1. STEP 1: CHECK YOUR ELIGIBILITY.
  2. STEP 2: GET YOUR FINANCES IN ORDER.
  3. STEP 3: SHOP AROUND.
  4. STEP 4: SUBMIT YOUR APPLICATION.
  5. STEP 5: BOOK YOUR FLAT.
  6. STEP 6: HIRE SOLICITORS AND FINALISE LOAN.
  7. STEP 7: SALE & PURCHASE AGREEMENT.

How much does a executive condo cost in Singapore?

Executive condo prices Executive Condominium ranges from $700- 900psf. This translates to a price of around $650k for a 2-bedroom unit to $800k for a 3 bedder.

How much should I pay for an executive condo?

Additional Costs: Beyond the purchase price, you need to pay legal fees of about $2,000 and valuation fees of about $200 for a new EC. There is also the Buyer Stamp Duty, which is 3% of the purchase price or 4% if purchase price is above $1 million.

Can Singapore PR Buy executive condominium?

2. New Executive Condominiums (ECs) Aside from new BTO flats, single PRs are also not eligible to buy new executive condominiums (ECs). However, like BTO flats, you can buy a new EC if you’re buying with a Singaporean spouse.

You might be interested:  FAQ: Manchester Airport Which Terminal For Singapore Airlines?

Is EC worth buying?

ECs can be a better investment choice compared to private condominiums, as they are usually sold for around the same price as private apartments in the resale market even though EC is purchase with grants (subsidized housing). EC is treated as HDB property for 10 years.

Can 2 singles buy EC?

An EC is hybrid of high end public housing and private property. Since a new EC can only be purchased by two singles under the JSS (but not a sole single person), both of you will be registered as owners and will not have issues where only one person is reflected as the owner.

What is an executive condo in Singapore?

Executive Condominium, or EC, is a type of public housing in Singapore. First built in 1999, EC is a hybrid of public and private housing. They resemble private condominiums and are enclosed within a gated compound with security, amenities like swimming pools, clubhouses, playgrounds and so forth.

Can I buy EC if I own HDB?

Can I get a new EC if I used to/ still own an HDB flat, DBSS flat, or EC? Yes, provided that you only own/ owned 1 of the following units prior to your application: EC/ DBSS flat bought from the developer. HDB resale flat bought using a CPF Housing Grant (only applies to first-timer applicants)

Can I buy EC if I own condo?

Yes, you can. But you must only own/have owned one of the following before your application: A flat bought from HDB (i.e. BTO flat) An EC/DBSS flat bought from a developer.

Can I rent out my executive condo?

Can you rent out your EC? You cannot rent out the EC during the minimum occupation period (MOP) of the first five years. You can, however, rent out rooms within the EC during this period.

You might be interested:  Often asked: Why Singapore Math?

Can a divorcee buy a EC?

An EC is similar to private condominiums in terms of facilities and amenities, but priced about 60-70% lower than the price of a condominium nearby. Divorcees are able to purchase an Executive Condominium under the “public scheme” with children under legal custody, care and control.

When can I sell my executive condo?

Sale of EC ECs can only be sold in the open market after the 5-year MOP (from TOP date) has been met.

What is the difference between EC and condo?

The biggest difference between a regular condo and an EC comes in the first 11 years. During this time, ECs count as HDB properties – they are subject to the Minimum Occupancy Period (MOP) of five years. You can’t sell or rent out your EC during this time. If you purchase an EC, it’s a bit cheaper than a regular condo.

Leave a Reply

Your email address will not be published. Required fields are marked *