Executive condos are type of apartments which are called Executive Condominiums in Singapore. They are cheaper than private property with luxurious facilities that’s why Singaporeans want to live in EC houses. In next paragraphs we will discuss some points.
First we have to check for eligibility and approval from the Housing Board. A buyer cannot have average monthly household income exceeding from $14000 and they should be first time buyer or must have received one CPF housing grant previously. Buyer must be Singaporean or Singapore permanent residence. If couple is buying an EC house, then one applicant should be from Singapore. After that they can make an application for purchase. Applicant can discuss with developer to submit their application, which can offer units and show you the facilities.
Developer will invite the successful applicants to book an EC house and sign the options to buy form. Applicants can also submit application for housing grant to the developer. All buyers have to pay a 5 per cent option fee; it should be in cash or check. Applicants also have to pay 15 per cent of the purchase price along with 1 per cent to 3 per cent legal and stamp fees, using either CPF money or cash, within nine weeks from the date of the OTP or the signing of the Sale and Purchase Agreement.
When the executive condo is ready, home buyer can collect the keys. Some people buy EC apartments for investment and leave it vacant. People can resold their Executive condo after 5 years of purchase and foreigner can resold it after 10 years even if the price doesn’t go up much, they still can gain from the various ECs subsidies.
Find out if you are eligible to buy a new Executive Condominium visit Rivercove Residence.