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EC Condominium

Executive Condominium

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HDB BTO

Resale HDB

EC Condominium

Condominium

Property

Am I allowed to own both a HDB Flat and a Private Condo as well?
Geraldo L.
Geraldo L.
Level 7. Grand Master
Updated on 29 Feb 2020
If I'm not mistaken, these are the rules for Singaporean Citizens: - If you're a HDB owner and want to own a Private Condo, you can purchase one after the 5-year Minimum Occupation Period (MOP). - If you are a Private Condo owner and want to buy a HDB, you will need to sell any private properties that you own. You can still own an EC provided you fulfill the rules laid out by HDB: ! Link: https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new/eligibility/executive-condominiums
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CPF

Property

EC Condominium

As a 2nd Timer who hasn't applied for a CPF Grant before, can you apply and get the CPF Grant after you've already purchased an Executive Condo?
Joe Lee
Joe Lee, Adventurer at Game of Life
Level 5. Genius
Answered on 25 Feb 2020
I believe that you will not be able to get the CPF grant AFTER you already purchased your EC, as you should apply for the grant when booking your EC with your developer. You can qualify for Half-Housing Grant If you are a first-timer (FT) SC and your co-applicant is a second-timer (ST) who has previously taken 1 housing subsidy, i.e. FT/ ST couple Hope this help
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Property

EC Condominium

Loans

How does a bank loan for EC (BUC) work?
Davin
Davin
Level 7. Grand Master
Answered on 25 Feb 2020
During BUC, u only pay the interest and principal for disbursed amount. And the payment is increasing every few months as yr condo construction progress. There is BUC payment calculator available online that u can try out.
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Property

EC Condominium

Do you think EC is overpriced? Will this be an EC bubble?
CH
CH
Level 7. Grand Master
Answered on 17 Feb 2020
Overpriced, definitely. feel like the general population wages have not kept up with inflation and housing prices. but, there are still people still can afford. and not forgetting 1) there are still influx of wealthy foreigners who want to buy properties here. 2) there are still property agents/course salesman pushing the buy-property-get-rich dream. so, no, i do not think prices will drop. bubble will burst only when a lot of owners can no longer afford to repay mortgages. but government cooling measures somewhat delayed the bubble bursting. just my thoughts. go ahead and buy if you can afford it and it is for own stay.
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Property

Resale HDB

EC Condominium

My place just reached it's MOP so I'm deciding whether to stay put or move to a EM, EC or Condo?
T
Tommy, Senior Associate Director at PropNex Realty
Level 3. Wonderkid
Answered on 09 Feb 2020
It depends on your purpose to move house. Some owners decided to upgrade to a better lifestyle home thus they will opt for Condos. Some owners need bigger space and they may consider EA or EM units. Most of my HDB sellers sold their HDB units upon MOP to achieve higher profit margins basing on their newer condition homes. Welcome to pm me for any further advice you need. :)
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EC Condominium

Has anyone done any analysis to confirm that buying EC and selling it 5/10 years later will definitely make a profit (minus off mortgage loans etc.)?
Wilson Nid A Break
Wilson Nid A Break
Level 8. Wizard
Answered on 10 Jan 2020
Please let us know whether you managed to profit/loss 5/10 years later!
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Property

EC Condominium

Condominium

Family

Advice needed on purchasing another property in 5 years time?
Hello, Based on the facts stated here, I would not recommend you upgrading to a condo. Based on a rough estimate of a central condo and your monthly income. Some details required: Have you achieved your Minimum Occupation Period for your EC? Have you paid off your EC? If not, what are the current details with regards to your EC What size and location of the condo are you looking at? How about your current cash liquidity? Even with insufficient cash flow a centralised condo is possible with other sources of capital to supplement your income. Do get back to me so I can answer this clearer!
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EC Condominium

CPF

Savings

Salary

Property

Should my partner and I get an EC given our financial status?
Dith Woo
Dith Woo
Level 3. Wonderkid
Updated on 05 Aug 2019
There are a lot of other factors that would help other Seedly members answer your question. For example, what are your ages, your marital status with your partner, are you a first-timer or second-timer, do you own other properties, what are your motivations for buying an EC (amenities, investment, bragging rights, etc), are you eligible for a bank loan, what is the size of the unit you are looking at, how long do you intend to stay in the EC before selling, are both of you Singapore Citizens, what’s the status of your Total Debt Servicing Ratio (TDSR) / Mortgage Servicing Ratio (MSR), and so on… I’m going to base my answer on the recent EC that was launched in Punggol, Piermont Grand, which has an average price of $1,080 psf (pricier than the usual, but seems to be the only EC launch this year). This means that a three-bedroom unit starts from $888,000. Unlike that of a HDB flat (just 10% down payment), you need to make a down payment of at least 25% for the EC. This works up to $222,000, which almost nearly wipes out your $250k combined cash and cpf savings. Don’t forget other costs like stamp duty, legal fees, etc. You could be eligible for some grants, which may help a bit. Those who opt for an EC are also not eligible for the HDB loan, so you will need to find a bank loan and likely refinance it every few years for the best interest rate. Say you get one at 2% interest – for your remaining $666,000 over 30 years, you will need to repay $2,462 every month. That slightly exceeds 30% of your combined income, so you might not be eligible for the MSR… uh oh. But I took the liberty to reverse engineer the loan repayments… so if you take a loan of $649,125 (means more cash outlay for the down payment), the repayment amount is $2.4k exactly, or 30% of your combined gross monthly income, which is the MSR cap. If you can tough this out for 10 years, you could gain from selling your now private property in the open market… but you might need the savings for setting up your family, renovation, children’s education, etc. A lot can happen in a decade. If possible, perhaps consider getting a HDB flat first as your income is well within the income ceiling. Then after the 5-year MOP, sell the flat and use the money to upgrade? Or you can wait for cheaper EC launches. Either way, all the best!
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Property

EC Condominium

Savings

Should we clean out savings for EC?
A $900K property will require at least $180K downpayment. If the purchase will wipe out both your CPF and savings, it is definitely not prudent. It is likely that as you are self employed, a 30% haircut for the purposes of your loan might be imposed by the bank if they consider your income variable. Let's do some simple maths for the worst case scenario. Your income would be considered $10.15K, and applying the mortgage servicing ratio of 30% means your repayments are capped at $3045 per month. A loan of $720K over 30 years with an interest of 2.2% leads to a $2734 monthly payment. There's only a small buffer and not forgetting the other costs that come with a new flat purchase which you must consider, such as legal fees, etc. Also you must remember that you will mortgage insurance on your property and there are probably other fees to be considered as well. In short, it's not a wise idea. You will be left with no emergency savings, which is an extremely dangerous move. Even if you could secure money from his dad, both of you will have sleepless nights over this. Your emergency savings must also grow to include a buffer for a year's worth of repayments should you go ahead to purchase. (As you are both self employed without much CPF, so presumbly you will be paying cash. Hence the emergency fund needs to be bigger) If business conditions affect your income, you need to ask yourself what is the backup plan to repay the loan.
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Property

EC Condominium

General

If you had to pick either EC or private due to salary restrictions, which will you choose and why?
Gabriel Tham
Gabriel Tham, Tag Team Member at Kenichi Tag Team
Level 9. God of Wisdom
Updated on 02 Jul 2019
EC seems to be a better choice for upsides if you can apply for it. It is offered at a lower price than private but after MOP it is worth as much as a condo. Good locations are definitely in the central area. And needs to be near MRT, 5 mins preferable. Good amenities nearby such as shopping malls, hawker centres.
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