Read more about the buying process for an Executive Condominium (EC) unit from a property developer.
Step 1: EC sales launch
The property developer will announce the project launch in the newspapers, social media, their website, etc. You may contact the property developer to find more information on:
Before you make an application for an EC, check if you are:
|No payments at this stage|
Step 2: Submit application
|You must submit an application to the property developer. Property developer has the choice to offer the units via computer balloting or walk-in selection.||Check with property developer|
Step 3: Receive outcome of application
|Property developer will inform you of the outcome.||No payments at this stage|
Step 4: Book EC unit
Property developer will invite you to book an EC unit and grant you the Option to Purchase (OTP), if you are eligible to buy an EC unit.
For applicants applying for CPF Housing Grant
Submit the completed EC application form, the application form for CPF Housing Grant for EC, and all other required supporting documents directly to the property developer.
After booking an EC unit, you must submit the completed application form to use your CPF savings to the CPF Board for processing. This is so that you can use your CPF savings or the CPF Housing Grant, or both, for the payment of your EC unit.
Prompt submission will ensure that you will be able to use the CPF funds to pay for the balance downpayment.
5% option fee by Cashier’s Order, cheque or telegraphic transfer/ Fast and Secure Transfers/ MAS Electronic Payment System
Step 5: Sign Sale and Purchase Agreement
Property developer will invite you to sign the Sale and Purchase Agreement.
You are advised to engage a solicitor to handle the conveyancing matters, arrange with a financial institution for financing, and check with CPF Board on the use of your CPF savings to pay for the EC unit.
15% of the purchase price plus 1-3% legal and stamp fees by CPF OA savings or cash within 9 weeks from the date of OTP or signing of the Sale and Purchase Agreement.
For applicants who are eligible for the CPF Housing Grant, the grant forms part of your CPF funds and can be used to pay the balance downpayment.
Step 6: Collect keys to EC unit
|Property developer will invite you to collect the keys when the EC project is completed.|
Check with property developer.
Please also read the conditions after buying.