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Executive Condominium Purchase Procedure
We will guide you through from the start, before booking an Executive Condominium, to the Key Collection of your unit. There are simply 6 steps to follow.
6-Step Guide
01
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:
- Preliminary designs
- The number of EC units offered
- Indicative prices
Before you make an application for an EC, check if you are:
- Eligible to buy an EC unit from a property developer
- Able to obtain a housing loan from a financial institution
- Able to pay the option fee, downpayment, and other costs related to the purchase such as:
- Legal fees
- Resale levy
- Renovation cost
Payment:
No payments at this stage
02
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.
Payment:
No payments at this stage
03
Receive Outcome Application
Property developer will inform you of the outcome.
Payment:
No payments at this stage
04
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.
Payment:
5% option fee by Cashier’s Order, cheque or telegraphic transfer/ Fast and Secure Transfers/ MAS Electronic Payment System
05
Exercise Sale & 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.
Payment:
15% of the purchase price plus 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.
(At this stage, payment can be different, depending on purchasers' financial situation. Do check with us if you need to find out more about your finances.)
06
Key Collection/ TOP
Property developer will invite you to collect the keys when the EC project is completed.
Payment:
Depending on the payment scheme, contact us for a more detailed consultation with regards to the payment.