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Singapore Executive Condo

                  

 
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Ecopolitan Showflat

 

 

 

Applying for An Executive Condominium         

 

Unlike BTO, the sales of EC unit is handled by the developer and its marketing agent, normally at the showflat premises. 

From 12 Jan 2013, the developer can only conduct the sales after the completion of foundation works or 15 months after winning the award, whichever is earlier.   

The sales of EC has to be conducted in 2 stages; the initial launch and public launch.

- For the initial launch, w.e.f 2 March 2012, the developer has to set aside 70% of the supply for first timer.

- The public launch is to be held only after the initial launch. The applications and booking of units are on a First Come, First Served baisis. 

1a. Mode of Sale - Initial Launch

The initial launch sales process starts with E-Application.    The application form has a standard set of questionaires  that potential buyers need to fill in their details and declare their eligibility to purchase. 

Interested/Potential buyers have to submit their application within the E-application period.  The developer can start the E-application period even before the showflat is ready.   Only applicants who have submitted their application form within the E-application period will be eligible to participate in the initial launch

In order to factilitate the eligibility checks on of applicant(s), the developer may request for all the supporting documents to be submitted with the signed application form.  

After the E-application period, a computer or manual ballot will be used to random assign a queue number to eligibile applicants. For computer ballot, the ballot result will be made available within 3 weeks after the closure of e-application.  Applicants can check the ballot results online on developer website with their application number and NRIC number.  For manual ballot, it will be conducted on the day of booking and all applicants had to turn up before the manual ballot cut off timing in order to participate in the drawing of queue number. 

The queue number will determine the order that applicants get invited to view the showflat and/or to select the EC unit on booking day. 

Between the period of e-application and booking date, study the site/floor plan of project in details. It is also prudent to do a check on how much housing loan applicant(s) can borrow.  Based on budget and needs, applicants should shortlist a set of the desired units for the booking day (in event your choice unit(s) taken by those earlier in the queue).

The actual selling price of the EC unit will be made known prior to booking day.  Applicants can view the selling price of their shortlisted units at the showflat or through their marketing agent.  Re-check your affordability if the pricing differs too much from the initial estimate given

  

FAQs on E-Application

+ 1. Do I have to pay for E-Application? After signing up, am I obligated to purchase and is there any penalties if I choose not to purchase?

+ 2. Why can’t I decide to the E-Application only after viewing the showflat?

+ 3. What is the purpose and benefit(s) of doing E-Application for Initial Launch?

+ 4. Does doing an E-Application with multiple agents increase my chances of getting a good ballot number?

 

 

1b. Mode of Sale - Public Launch

For public launch, the sales process is straightward on a First Come, First Served baisis. The public can visit the showflat during its opening hours to view the showflat.

Any person interested in applying for an EC unit will be required to submit the E-application form together with the supporting documents in respect of all persons listed in the application form.

 

2. Booking of Unit

For initial launch, the booking of unit will commence around one month from the first day of e-application and be carried out in accordance to the allocated queue number.  Turn up at the appointment time punctually with all the supporting documents for the booking of unit.

For booking, applicants will be required to pay an Option Fee of 5% of the Purchase Price of the selected unit by way of Cheque or Cashier's Order.

Applicants who are eligible for the CPF Housing Grant and who wish to apply for the grant must submit the CPF Housing Grant Form to the developer at the point of booking.

Applicants will need to choose the type of payment scheme (either Normal Payment or Deferred Payment).    In the normal payment scheme, the installment is paid progressively according to the different stages of construction completion.  In deferred payment, the developer allows the purchaser to defer all the normal payment stages till the key collection.  Typically, the pricing for deferred payent scheme is higher than the normal payment sheme.

Upon successful booking, an Option to Purchase will be issued to the applicant.  No change of unit and/or payment scheme will be allowed after the booking is completed.

Any outstanding supporting documents not available at the point of booking must be submitted within a week from the date of the EC unit booking.  See the documents checklist for the details of documentary proof required. 

The application with all the supporting documents will then be processed for  the approval to purchase an EC unit.

2. Sales and Purchase Agreement (SPA) E- Application

While waiting for the application to be approved,

a) Applicants need to appoint a solicitor to act on their behalf for the purchase of an EC unit.  Applicants can choose the solicitor on their own or through the marketing agent or through the bank.

b) Finalised the choice of bank and the mortgage loan quantum. It is prudent not to sign on the mortgage loan dotted line until the application to purchase has been approved.

Once your application been approved, the Developer's solicitor will send the SPA to the intended purchaser or purchaser's solicitor. The SPA must be executed within 3 weeks from the receipt of SPA.

The balance downpayment (15% in cash and/or CPF) is due at this stage or within 9 weeks from the OTP, whichever is later.

The stamp duty is payable 2 weeks from the date of SPA execution.
 

3. EC Booking Transaction Timeline

 The EC booking process/transaction is best summarised in below flowchart:

 

 4. Post SPA Execution

The loan payment will start once the bank disburse the loan to the developer.  The timing will depend on the type of payment scheme (Normal or Deferred) selected at the point of booking. 

In the event where the eligible applicants decides not to exercise the Option to Purchase, 25% of the 5% option fee will be forfeited.

Applicants must maintain their eligibility throughout their ownership period.  Applicants will not be able to collect their keys if they are unable to fufil the eligibility conditions.

Fiance/Fiancee are required to produce their marriage certificate within 3 months of taking possession of the EC unit.   If they received the housing grant, the marriage certificate must be produced for inspection before taking possession of the unit.

Applicants and essential occupiers listed in the application, who are existing owners of HDB/DBSS flat, must relinquish ownership/sell their flats within 6 months from the date of issuance of Temporary Occupation Permit (TOP). 

Where the Sale and Purchase Agreement has been executed, in the event of non-payment or termination, 20% of the purchase price will be forfeited.   This forfeiture is reduced from 20% to 5% of the purchase price for land sales after 9 Dec 2013 (from Westwood Residences EC).

 

 

FAQs on EC Application

 

+ I have applied for a flat from HDB but have not booked a flat yet. Can I apply to buy an EC unit?

 

+ I have booked an HDB unit and have signed the Agreement. Can I buy an EC unit?

 

+ I have booked an EC or DBSS unit in another project, Can I buy an EC unit in this EC project now?

 

+ I have taken the CPF Housing Grant Under the Fiance/Fiancee Scheme, what is the financial forfeiture if I were to give up my EC unit after I have signed the Sale and Purchase Agreement.

 

 

 

Take the first step towards buying an Executive Condo unit

Register Your Interest

(or sms/call 91861688 for showflat appoitment)

 

 

 

 

 Back  Home                                      Next: Documents Required                          Next  Financing An EC

 

 

 

 

 

 

 

 

 

 

 Testimonial

"Thank you for patiently taking your time to show us the mock-up flats, explaining the orientation of the scale models and providing us with valuable insights into the project and financing options.

Both myself and my wife really appreciate your effort."

 -- Hairul
 

"Among the agents I have come across so far, you are one of those few whom I feel at ease and comfortable speaking to. This is my frank and sincere opinion.   You truly live up to your words “Honesty and Integrity”

-- Chee Kin

"Thanks for your very kind and helpful adivce.  The testimonials were very true indeed. Another agent from xxxx is trying to make me appoint him as sole agent for EC, but did nothing much to advise like you did.  I really appreciate it"

-- J Ong

From a satisfied client who was referred by his friend. 
Read full transcript

"He gave us good advice based on our requirements. ....
He paid details to every single stage of the process and returned all phone calls, texts and emails the same day.  We never felt neglected or unimportant."

-- Sean Lee

 

 

 

  

 

  

 

Take the first step in buying an EC
Register your interest and/or enquiry below or Call/Sms 91861688