Ask Me Anything
Do you have a lot of questions with regards to real estate acquisition such as what is my eligibility of buying an Executive Condominium? Is my financial stable to buy a private condominium? What are the procedures to buy a property? What are the cash outlays or CPF outlays I need to cater for before deciding what property to buy?
Fret not, we are here to advise you on all your questions that you have in your mind, and also to provide a solution to what you matters most during property purchases.
This section of Ask Me Anything will provide you with some basic answers that a lot of property buyers have in their mind. If you have any other questions, feel free to drop us a note or text us and we will be glad to assist you.
What is the eligibility to purchase a private property in Singapore?
Singaporeans who already own a HDB flat, DBSS flat or Executive Condominium must first fulfill the Minimum Occupation Period (MOP) to be eligible to buy private property. The MOP is five years and you will be required to stay in the flat throughout the duration before you are allowed to purchase a private property. Meanwhile, permanent residents (PRs) will be required to sell their flat within six months of acquiring private property. However, those who currently own private property or a Housing and Urban Development Company (HUDC) flat are not subject to such restrictions.
What are the steps in acquiring a new launch property during preview stage?
Step 1 - The Buyer books a viewing slot through the appointed salesperson to view the new launch. After viewing, The Buyer shows interest by signing an Express of Interest (EOI) Form and submitting a cheque (crossed & made payable to project account) to select and purchase a unit on Booking Day (Price will only be released on the Booking Day). The cheque will be returned if the buyer decides to not book a unit.
Step 2 - Upon securing a unit, the Buyer will sign the Particular, Documents & Information (PDI Form 3), submit 5% booking fee (cheque/cashier order), NRIC/Passport copy & other required forms by the developer prior to issuing Option to Purchase (OTP).
Step 3 - Within 2 weeks from the OTP date, the Buyer or their appointed lawyer will receive Sales & Purchase Agreement and a copy of the Title Deed form from the developer’s lawyer.
Step 4 - Within 3 weeks from the receipt of S&P, the Buyer exercises OTP by signing the Sales & Purchase Agreement and return the signed copies to the developer’s lawyer.
Step 5 - Within 2 weeks after signing the S&P, the Buyer pays Stamp Duty (and ABSD if applicable).
Step 6 - Within 8 weeks from the OTP date, the Buyer pays 15% and other progressive payments due.
Why should I pay this amount when other properties in the same neighbourhood cost less?
Given the land price increase over the years, the current price is considered affordable since you are investing in a quantum that’s already a couple of years old. The quantum will increase substantially if we base them on the current land prices today. Furthermore, the integrated development has a much greater range of amenities compared with its nearby counterparts.
What is the eligibility for buying an Executive Condominium in Singapore?
You have to qualify for any of the eligibility schemes:
Joint Singles Scheme
You must be a Singapore Citizen (SC)
At least 1 other applicant must be a SC or Singapore Permanent Resident (SPR)
All singles must be SCs if they apply under the Joint Singles Scheme
At least 21 years old
At least 35 years old, if they apply under the Joint Singles Scheme
Monthly household income ceiling
Your monthly household income must not exceed $16,000.
Ownership/ Interest in property in Singapore or overseas other than HDB flat
All applicants and occupiers listed in the flat application:
Must not own or have an interest in any local or overseas private property
Have not disposed of any private property in the last 30 months before the application to buy an EC unit from a property developer
Private properties include but are not limited to houses, buildings, land, EC units and privatised HUDC flats. You are deemed as having acquired interest in a property which is:
Acquired by gift
Inherited as a beneficiary under a will or from the Interstate Succession Act
Owned, acquired, or disposed of through nominees
Previous housing subsidies
A subsidised housing unit refers to:
A flat bought from HDB
A resale flat bought with CPF housing grant
A Design Build and Sell Scheme (DBSS) flat bought from a property developer
An EC unit bought from a property developer
Other forms of housing subsidy (e.g. enjoyed benefits under the Selective En bloc Redevelopment Scheme (SERS), privatisation of HUDC estate, etc)