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Find out if you are eligible to buy a Singapore Executive Condominium / EC in Singapore and what are the steps involved
Process of Buying a Singapore Executive Condominium / EC in Singapore
Step 1. Check Your Eligibility to Buy a Singapore Executive Condominium / EC in Singapore
• Must be at least 21 years old
• Must be at least one Singaporean (SC), other member can be SC or SPR (Singapore Permanent Resident)
• Household Income less than $16,000
• Mortage Service Ratio - your monthly loan repayment shall not exceed 30% of your monthly income - do WhatsApp us at +65-91518836 for an assessment of your financial situation
You will not be allowed to purchase an EC if you or your co-applicants:
• own any property (other than HDB) overseas or locally, or have disposed of such property within the last 30 months
• own/have owned more than 1 of the following: (i) flat bought from HDB; (ii) EC/DBSS flat bought from a developer; or (iii) HDB resale flat bought with a CPF Housing Grant
• have NOT met the 5-year Minimum Occupation Period on your current subsidised flat. If it is an Executive Condominium, you would need to wait a further 30 months from its date of disposal before you can apply for a new one
• are a divorcee... only 1 party of the divorce can own a subsidised flat within 3 years from the date of divorce
• have previously cancelled an HDB application or terminated the Sales & Purchase Agreement (S&P) for a DBSS flat/EC using a CPF Housing Grant, in which case you will be barred for 1 year or 5 years respectively
Step 2. Register Your Interest / Submit E-Application Forms
Forms to be submitted
1. E-Application / E-App Form & Authorization Form
2. Buyer Checklist
3. Pre-Assessment Form
4. Proxy Form for Booking of Units
5. Status Declaration & Undertaking
Documents required from Buyers:
1. Proof of identity/citizenship (NRIC)
2. Proof of relationship/marital status (marriage certificate)
3. Proof of income (3 months payslip for employed, or 2 years Notice of Assessment/NOA for self-employed + ACRA)
4. CPF Housing Grant application form (if eligible) - this 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
Submission of E-Application is FOC / Free Of Charge. Should you decide not to proceed after submitting an E-Application, there is NO PENALTY & NO FURTHER ACTION required from you.
Step 3. Balloting Day / Booking
The pricelist will be made available a few days before the booking date.
Nowadays the balloting for queue number is done virtually (e.g. via zoom and/or Facebook "Live"). The queue number determines your timeslot to choose your unit on the actual day of booking (usually the next day)
Prepare ample choice units and desired stacks so that you can still get your choice unit if other units are taken by those ahead of you in the ballot queue
Please arrive about 15 minutes before your allocated timeslot
If you are unable to select a unit to your liking, you can withdraw with no penalty.
Best Executive Condominium in Singapore - Parc Central Residences - the Latest Executive Condominium Launching in Tampines
Step 4. Post-Balloting
Once you have selected your choice Executive Condominium unit, present a cheque payable to the developer project account with an amount equivalent to 5% of the selling price. This is the booking fee. It is common practice to submit a blank cheque to the developer prior to the balloting date to indicate that you are a serious buyer, in order to be eligible to ballot for a queue number. You can choose NOT to sign the cheque. Should you withdraw from the balloting, the cheque will be returned to you with no penalty.
A set of "PDI" (Particulars, Documents and Information) will be given to you. This PDI document pertains to the unit you have chosen, its floor plan, site plans, rules and regulations, fixtures/appliances/items provided etc. You are encouraged to read through this to confirm that you understand what you are buying. You are required to sign on the form and initial on every page of the form.
Upon submission of the duly signed PDI Form and 5% cheque payment, the developer will proceed to issue the OTP (Option To Purchase) for you.
Parc Central Residences - the Latest Executive Condominium Launching in Tampines - the First in Tampines Since 2012
Step 5. Wrap-up Payment and Legal Paperwork
You now have to exercise the OTP by signing the Sales and Purchase (S&P) Agreement to make the sales binding. If you withdraw your purchase after the OTP has been issued to you, the developer has the right to forfeit 25% of the 5% booking fee paid earlier from you (which is 1.25% of the property purchase price).
While waiting for the S&P to be issued to you (up to 2 weeks' waiting time), appoint a lawyer to do the paperwork for you.
In the meantime, get the bank to generate an official LO (Letter of Offer) for the loan. The bank may take up to 1-2 weeks to generate the Letter of Offer after you have submitted to the bank all relevant income and other supporting documentation including the OTP.
The S&P agreement will be sent to your appointed lawyer, or to you directly if you have not appointed a lawyer. S&P Agreement needs to be signed within 3 weeks from receipt. The lawyer will walk you through the S&P Agreement before you sign it. Once it is signed, the bank will be informed that the OTP has been exercised. The lawyer will also arrange for you to pay the stamp duty and other related fees.
If you are using CPF to pay for a portion of the purchase price, the lawyer will inform the CPF Board on your behalf to release your CPF funds accordingly.
The rest of the conveyancing work will be done by the lawyers.
Check out Parc Central Residences - the Latest Executive Condominium Launching in Tampines - the First in Tampines Since 2012
For Exclusive VVIP Showflat Viewing / Star Buy List please WhatsApp / SMS / Call TONY TEO (+65)91518836
It is important to only engage the Official Direct Developer Sales Team to assist you.
There are several complex procedures and considerations to address before committing to buy a unit.
Rest assured that all our representatives are certified, well-trained and committed to deliver the best and most reliable service.
You will also enjoy the best possible direct developer price and do not need to pay any commission :)
GET YOUR EXCLUSIVE INVITE AND PRIVILEGE INFORMATION
It is important to only engage the Official Direct Developer Sales Team to assist you.
There are several complex procedures and considerations to address before committing to buy a unit.
Rest assured that all our representatives are certified, well-trained and committed to deliver the best and most reliable service.
You will also enjoy the best possible direct developer price and do not need to pay any commission :)
No Obligations & Spam Policy. You may unsubscribe anytime at your discretion.
Please refrain from submitting duplicate application / registration with other agents and/or other websites in order to enjoy the best service / experience / price package.
Disclaimer: Information is accurate as at last update and prices are indicative/"while stocks last" basis. Information provided is subject to changes as may be required by the authority or developer and it cannot be used to form art of the offer and/or contract. All
information provided have been treated with care and developer and/or marketing agent should not be liable for any inaccuracy.
Register as our VVIP Guest for Parc Central Residences EC or any other Singapore new launch condo or resale/existing condos today!
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Appointed Marketing Agency
We look forward to helping you find your dream unit. Act NOW and contact us!
Contact : Tony Teo
Mobile : (+65) 9151 8836 (call or SMS)
Email : Click to email now
Register for VVIP Preview or Viewing Now, or contact us for the floor plans.
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