Executive Condominiums Housing Scheme is the Government’s housing scheme to cater for the rising aspirations of Singaporean to live in private properties.
Executive Condominiums (EC) are developed and sold by private developers. They are comparable in designs and facilities to private condominiums but are sold at more competitive prices. Similar to private condominiums, ECs are sold with strata titles.
ECs are different from private condominiums in that only applicants who meet the eligibilities are entitled to buy an EC unit.
On the 9 Dec 2014, Ministry of National Development (MND) announced a set of new measures to better align the Executive Condominium (EC) Scheme with other public housing. The new measures are as follows:
1. Reduce in EC Cancellation Fees
The cancellation fee is reduced from 20% to 5% of the purchase price. The reduced cancellation fees are applicable to EC land sales which are launched on or after 9 Dec 2013, including those tenders which have not been closed by then.
2 . Resale Levy for Second Timer Applicants.
Second timers applying for EC land sales launched on or after 9 Dec 2013, including those tenders which have not been closed by then, would now also have to pay resale levy now. This is similar to second timer applicants who are purchasing BTO flats.
3. 30% Mortgage Servicing Ratio (MSR)
Mortgage Servicing Ratio (MSR) for housing loans will be capped at 30% of borrower’s gross monthly income. This will apply to EC purchases where Option to Purchase is granted on or after 10 Dec 2013.
The last few ECs Not affected by the Resale Levy are as follow:
Signature At Yishun Click Here to Find Out More!!!
The Brownstone Click Here to Find Out More!!!
The Terrace Click Here to Find Out More!!!
Waterwoods Click Here to Find Out More!!!
Sea Horizon Click Here to Find Out More!!!
Skypark Click Here to Find Out More!!!
Forestville Click Here to Find Out More!!!
Call Us Now!
Call Us Now to find out the latest new measure and the availabilities of unit NOT affected by Resale Levy! Call 96914350 to get the latest updates now!