Steps to buy EC

· Executive Condo · For Sale

steps to buying an EC in Singapore

For any Executive Condominium (EC) sites granted from 12 Jan 2013 onwards, the project developer can only start marketing and sales activities of their EC project 15 months after the award or after the physical completion of the foundation work, whichever is earlier.

Once approval is acquired, the developer will appoint selected real estate agencies to help advertise and selling of the EC project. At this point of time, project information such as site plan, floor plan and project guidelines will be announced to the marketing agents.

In a typical EC sales process, the procedures are phrase into 8 parts:

  • Eligibility
  • Financing Options
  • Filing manual application form
  • e-Application submission period
  • Ballot results
  • Price list release
  • Booking Day


The following are the 8 simple steps to buying Executive Condominium (EC) in Singapore.

1: Check for Eligibility to buy EC

One main key factor in the complete EC purchasing process is the Eligibility. The following is a checklist that you must meet to consider your eligibility:

  • Must be above 21 years old
  • Must form a family nucleus with at least 1 Singaporean and another Singaporean or Permanent Resident. Joint Singles with a pair of Singaporean.
  • Combined household income does not exceed SGD$14,000
  • None of the applicants have bought directly from HDB for two of the previous HDB properties, i.e. BTO, DBSS, EC
  • None of the applicants have sold a private residential property within the last 30 months.
  • None of the applicants owned any private residential properties at the time of application.

If you need further clarification, please feel free to contact us. We can provide you more details on eligibility to buy new EC when we understand your overall situation better.

Once assured you are eligible for the purchase, the next step is to seek out your financing options.

2: Financing Options

Please take note that HDB does not provide housing loan to EC buyers. EC buyers need to obtain private loan from banks or financial institutions.

If you are eligible to obtain 80% loan amount, the initial 20% down payment is a combination of cash and/or funds from CPF.

As per MAS regulation, the 5% of the initial 20%must be in the form of cash only. The balance 15% can be in the form of cash and/or CPF.

If you qualify for CPF Housing Grant, the funds in the form of CPF monies can be used. We can also assist you to determine if you are qualified for CPF Housing Grant. If both buyers qualified, you will stand to gain an amount of up to S$30,000 for the purchase of your EC.

In order to determine if you are eligible to get 80% loan, you need to be aware of MSR or Mortgage Servicing Ratio that is pin to 30% of your combined total income. Please check with your bankers for further details.

If you need an estimation of how much down payment and its related cost, please let us know, we can provide you with an estimated payment scheme for you to get an idea.

Another financial consideration is Resale Levy. Resale Levy, according to HDB, is meant to reduce the subsidy on the second subsidized flat so as to maintain a fair allocation of public housing subsidies between first and second-timer citizen families.

When buying an EC, if you are a HDB “second-timer”, there is a resale levy that you need to pay if the EC land sale was on or after 9 December 2013. But, if the EC land sale is before 9 December 2013, the EC buyer need not pay resale levy. This can potentially save the EC Buyer of up to S$50,000/=.

Once you have gotten the above financial issues sorted out, you are ready to set your heart and mind to select your preferred EC.

3: Register your Interest

By now, developers will launch their showflat for potential buyers to come and view the projects. Letting you to understand the projects better and to help you make better decisions.

If you are pleased with the project and wish to purchase the unit, you can fill-up the e-Application form with your personal details, contact number, declaration of income and an authorisation form for us to submit your application on your behalf. You will need to provide a copy of NRIC of each of the occupiers and the income statement.

At any point in time, if you have any enquiries, please feel free to get in touch with us by filing in the contact form or call us directly at 61004457.

4: e-Application Submission

With the manual e-Application form and Authorization forms ready at the showflat, we will submit your application electronically when the e-Apps submission period opens. The e-Application submission period is when the system is ready to accept the application from potential buyers. Developer will once again verify your eligibility. After the e-Apps submission, the system will capture your data and provide a ballot number for use during balloting date. Please note e-Application submission is FREE.

5: Notification of e-Apps Result

The system will collect all the e-Apps submissions until the end of e-Apps collection period. The e-Apps period is usually opened for slightly more than a week.

The ballot numbers are part of a queue system to ensure an orderly selection of EC apartment units. When the ballot numbers are assigned to a particular buyer, the date and time slot is also given. They are the appointment date for you to visit the showflat, to select your unit and to make the purchase.

The developer will then announce the results of the e-Apps after they have processed with all the submitted applications.

6: Price List Released

Once the ballot numbers are announced, the price list will be released. We will keep in touch very closely with you and keep you updated on the pricing structure. We will help you identify the units that fit your requirements and strategize your unit purchase.

7: Booking Day

The Booking Day is your appointment day to finally select and purchase your choice unit. At the appointed time, you will come to the showflat with us and make a selection of your unit. Up to this point, you can still decide NOT to proceed without getting penalized if your preferred unit is no longer available.

Once you are confirmed with your selected unit, you will need to present a cheque payable to the developer project account with an amount equivalent to 5% of the selling price. This is the booking fee.

A set of “PDI” documents will be given to you and you will need to sign on every page on the forms. This document is consists of all the floor plans, site plans, rules and regulations, offered items, changes to the standard sales & purchase agreement, etc, that are related to your selected unit. You are required to read and agreed to those items. We will explain clearly what the documents are about before asking you to sign.

After signing of the PDI documents, a copy of the “Option to Purchase” (OTP) will be issued to you by the developer. The buyer now will have to exercise the OTP and sign the S&P to make the sales binding. Failure to exercise, the developer has the right to forfeit 25% of the 5% booking fee paid earlier.

8: Sales & Purchase Agreement Completion

Step 9 – Sales & Purchase Agreement

After upon received of your Option To Purchase from the developer, we will help you to arrange a banker or liaise with the banker of your choice to prepare the Letter of Offer from the bank. Apart from the usual documents required by the bank, they will now need a copy of your OTP.

A lawyer will be appointed and they will set aside a day for you to exercise the OTP and signing of the Sales & Purchase Agreement. Thereafter, they will proceed with the conveyancing work.

If you own a HDB flat currently, you have to make plans to sell off your current HDB when the EC is about to receive the Temporary Occupation Permit (TOP). Once you received the keys to your new EC, you are required to sell the HDB within 6 months.

If you are keen to learn more about your preferred EC, we can arrange for you to have a visit to the showflat (when available) or meet you to go over the project details with you. Contact us here when convenient.

We will explain the process, important details you need to comply and financial considerations prior to purchase. Our task is to ensure your buying journey is made easy for you.

** Disclaimer: Information above are for your reference only. It is subject to change by the relevant authorities without prior notice. **

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