Frequent Asked Questions on Executive Condominium
Section C： General FAQs
1. How soon will I know whether my
application to purchase an EC has been approved by HDB?
current normal processing time to receive a feedback from HDB is within a month.
be informed by the developer / booking agent if your application has been approved. You will be notified thru your booking agent if additional supporting
documents need to be submitted.
cycle of review and approval takes about a month, it is important to submit the required documentations first
time right to avoid anxiety/delay.
2. We are
eligible for EC, should we buy an EC or a private condominium?
Read my thoughts on whether to buy a BTO, EC or private condo.
Between EC and private condo, EC would be a better choice. For the same budget, you will
be able to afford a bigger EC unit than a private condo. For 1st timer, t
he ‘cherry’ is there for you to pick, make use of the opportunity when you are still eligible to buy an
There has been arguments that private condo is a better choice because there is no MOP requirement
and you can get a bigger mortgage loan to buy a condo than an EC. These are true but IMHO, 5
years is not a long wait and why take on more debt when you can avoid it.
Private condo would be choice if there is no EC in the vicinity that you like to setup your
3. I am a current EC owner. What are my options after the
your MOP is met, the available options are:
to live in the EC unit.
b) Rent out
the whole EC unit.
c) Sell off
the EC unit.
another residential property.
· If it’s
a HDB resale unit, you have to sell off your current EC unit and wait out 15 months before your
· If it’s
a private property, you don’t have to sell off your current EC unit.
· If you
are still eligible and want to purchase another new HDB BTO/EC unit, you must sell off our current unit
first, wait for 30 months to lapse before you can apply for the next unit. In addition, the resale levy of
$50,000 needs to be paid.
When and where is the next new EC launch?
find out the next new launch from the ‘EC Under Construction / Planning' tab on the Left
check when is the next EC launch; add 15 months to the site award date to get an estimation of the
launch date. In general, premarketing activities will start about 2-3 months ahead of the estimated
other way simplest way is to pre-register your interest with me.
I will keep you posted again nearer to the launch date.
I have done my IPA and there are few EC projects and units that are within my budget. Should I wait for the new
that is coming up or just go ahead and choose from the
available units since it will TOP earlier
You have your answer if you are able to proritise your needs with regards to your preferred location, desired
unit size, the unit orientation/facing, layout functionality, the project completion timing and
While new launch may offer you a better choice of units, there are 2 salient points
a) The wait for new launch may be a few months but the TOP difference may be 1 to 2 years.
b) With the 30% MSR impacting home mortgage and rising land cost, new launch EC unit is likely
to be smaller in size and/or cost more.
In current marlet situation, will the new upcoming launch be more expensive than the existing
The Market Demand and Supply will determine pricing trend. Generally even if EC
demand stay flat, prices will edge up steadily over time. Pricing will head south if there is any major
shock to the economy (whether internal or external) or when new rules/regulations are introduced to
Fundamentally, there is
a positive correlation between the land bid price and selling price. With
inflation, land bid price is likely to creep up, coupled with increasing construction
is not wrong to assume that the prices of new
upcoming launches will be more expensive in
a mature market condition.
I had an
existing flat that has not been sold. I already purchased an EC
unit, am now waiting for TOP/key collection.
It is better to sell now or wait till key
To sell now or wait till key collection is a personal call. You have 6 months to
sell your existing flat after you collect the key to your new EC unit. If you have enough fund to cover the
payment schedule, most homeowners do not want to step out of their comfort zone and will sell their
existing flat only after collecting the key to the new unit. Homeowner who need to sell after
their booking (now or before key collection) are mostly in the category who foresee price falling in the
period before key collection or have earmarked their flat sale proceeds for a bridging loan from the
In current tight rental market
situation (3Q22), alternative accomdation is an important factor that need to be considered if you
choose to sell now. Selling after key collection is a better choice if you sufficient fund to cover the
payment schedule. It's my personal opinion, and I shall not be held for any financial loss as a
result of my recommendation, The final call as to when to sell is still yours to made
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