Conditions after buying Singapore EC
Selling of current HDB/DBSS flat in the open market
- Dispose of flat within 6 months from the date of issuance of Temporary Occupation Permit in respect of the Executive Condominium (EC).
Enjoying of Subsidy
- Applicant and his spouse will be considered as having enjoyed a housing subsidy when he buys an EC under the CPF Housing Grant Scheme.
Minimum Occupation Period (MOP)
- Owner has to occupy the EC for 5 years before he can sell it in the open market.
- Essential Occupiers in EC: Occupiers must continue to be listed as occupiers in another application to purchase an HDB flat or another EC.
- Cannot make a seperate application, or to be listed as occupiers in another application to purchase an HDB flat or anoterh EC within the MOP.
Buying another subsidised housing
- After selling EC in an open market, applicant must wait for 30 months before he can submit an application to buy:
a) a flat from HDB
b) an apartment under the Design, Build and Sell Scheme (DBSS) from developers
c) another EC from developers
- The resale levy is meant to reduce the housing subsidy that can be enjoyed by flat buyers in the purchase of their second subsidized flat from HDB. It also ensures a fairer allocation of housing subsidies among flat owners
- EC owner is liable to pay a resale levy of $55,000 when he buys a second subsidized flat from HDB or take ownership of a subsidized hdb flat after selling the EC bought under the CPF Housing Grant Scheme (after meeting the 5-year Minimum Occupation Period (MOP) and the 30-month period)
- If EC owner does not intend to buy a second subsidized flat from HDB, for example, if he is buying a resale flat, a new DBSS, an EC flat from the developer, or a private residential property, you need not pay the Levy
Interest in Private Property
EC owner and his essential occupiers cannot invest in private residential property during the 5-year minimum occupational period.