Do take note that if you bid over the odds for the HDB/bank determined valuation for a resale property, you will have to pay the COV i n cash. e.g. For resale flats, it is slightly different from the concept of Cash Over Value (COV). When you want to sell next time, they can seller lower than you buy … Buying new vs buying resale 1. Executive Condominiums (ECs) have been among the best-selling projects this year. These include estates such as Tanjong Pagar, Marine Parade, Queenstown and Bukit Merah. Find Out New EC Launch 2015, EC In Singapore. HDB loan for resale flat: The minimum down payment is 10 per cent of your flat price or valuation, whichever is lower. Resale EC. If you have sold your first-subsidised EC on or after the 3rd of March 2006, you will also need to pay a fixed amount of $55,000 as Resale Levy when buying your next subsidised flat (whether or not it is an EC). It can be sold like any other private property, and foreigners, companies, or others can also buy it. With a resale flat, you can choose to use an HDB loan or a bank loan. Resale is not restricted to SC and SPR only. Resale EC is Executive Condominiums already obtained the key, and the owners have already fulfilled the Minimum Occupation Period (MOP) of 5 years upon Temporary Occupation Permit (TOP). An EC is considered HDB property for 10 years. Lease Tenure As such, it is subject to the same restrictions like a minimum occupancy period of five years, and restrictions on who can buy it. 5. Executive Condominium (EC) These are the eligibility conditions to buy a new Executive Condominium (EC) from a developer. At that point, Are there any further constraints from HDB, e.g. Late last year, we saw an interest rule change for buying older resale HDB flats (this is usually defined as a flat that is 50 years or older). 2) After 10 years, I understand that the EC becomes private property. However, the April 2018 launch of the new EC, Rivercove Residences has set a new high for EC prices, at an average of $965 psf. In comparison, EC resale prices averaged at $813 psf within the same time period in 2018. Before you submit an application, learn what conditions apply after you buy an EC, and find out if you must pay a resale levy. Do I need to pay Resale Levy if I am a Singles Grant recipient? This is payable in cash or CPF. For example, you may have bid $800,000 for a HDB resale flat or HDB EC. If the EC has TOP date in 2005, and I buy resale EC in 2010, does the MOP still apply to me for next 5 years from my purchase date? Joanne 9151 1871 From the 11th year onward, an EC is fully privatised. Source: Giphy.com. For a $1.04 million new EC, this means $52,000 in cash to book the unit, and then $156,000 in any combination of cash or CPF. Six of the 10 top selling projects in April were ECs. However, when you buy resale, you buy at a premium over your neighbours. Can you please let me know the total costs (i.e. When you buy new, you buy at the same price as your neighbours, there is a benchmark. MOP ? From 6th to 10th year, owners of the EC can sell the EC in the open market to Singapore Citizen or Singapore Permanent Residents. Updates On Resale EC, Resale EC For Sale In Singapore. #1 HDB EC Buying Guide. When buying a resale flat, you can pretty much get any location that you want as long as there are HDB flats available in the estate. Of course, you must also be prepared to pay a lot more to buy a resale flat in these locations. The beauty of EC projects is that they are privatised 10 years after completion, after which restrictions such as buyer eligibility and resale conditions will be lifted. Hi all, I'm SPR family having a HDB 4A and would like to upgrade to HDB 5A or Condo / EC 4-bed room with a maximum cost of 1.35m (hdb at 900k or ec/condo at 1.4m).

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