To purchase a unit at Parc Life EC Executive Condominium in Sembawang you must meet Executive Condominium Eligibility Conditions set by HDB. If you need help to assess eligibility conditions, please contact email us your query.
Source: HDB web site (www.hdb.gov.sg)
You must form a family nucleus under one of the schemes listed here:
|Type of Scheme||Family Nucleus Requirement|
|Public Scheme||You (the applicant) and;|
|Fiance/Fiancee Scheme||You (the applicant) and your fiancee/fiance|
|Orphan Scheme||You (the applicant) and;|
|Joint Singles Scheme||You (the applicant) and another single person|
You, your spouse, & any occupiers in this application, and their spouses, must not own or have disposed of, or have any part or interest in any other flat, house, building or land.
Each Singaporean household is allowed to buy the following housing types only twice:
If you’ve already bought two such apartments, you cannot apply for, or be listed as an essential occupier in an application to buy an EC.
You and any essential family members listed in your application to buy the flat MUST NOT:
70% of the units are set aside for first-timers during the initial launch period.
You or the essential family members in your application have owned/sold or are currently owners
Second-timers buying Executive Condominiums are required to pay a Resale Levy for Executive Condominium projects sold after 9 Dec 2013.
If you belong to any of the above categories, you may apply to buy Parc Life EC on condition that a 5-year period (excluding any period of subletting of the whole flat) has lapsed from the #date of taking possession of the flat to the date of application for the EC.
# The date of taking possession refers to following dates:
Are you, your spouse or any of the essential occupiers listed in the application an ex-owner of an Executive Condominium bought directly from the developer? If yes, you would need to wait 5 years from the date of taking possession of the earlier Executive Condominium before applying for the EC.
In addition, you need to wait out a 30-month period from the effective date of disposal (i.e., date of legal completion of the sale of your Executive Condominium, evidenced by the Notice of Transfer or such other documentary evidence as HDB may require) of the Executive Condominium before you can apply to buy an Executive Condominium unit from the developer.
Under Parc Life eligibility conditions, any person applying to buy Parc Life EC or be listed as an occupier must not currently be listed as an essential occupier of:
However, you may be eligible if you have stayed in the existing flat for at least 5 years from the #date of taking possession of the existing flat to the date of application for a new flat.
A divorcee may apply to buy a unit or be listed as an occupier after 5 years from the date the divorce is made absolute to the date of application for a new flat if his matrimonial flat was:
However, the 5 years period will not apply if:
A person who bought an EC or DBSS flat with CPF Housing Grant and terminated the Sale and Purchase Agreement may apply to buy an executive condominium.
However, this is allowed on the condition that a 5-year period has lapsed from the termination date of the Sale & Purchase Agreement of their earlier EC or DBSS flat purchase, to the date of application for Parc Life EC.
If you currently own an HDB / DBSS flat, you and/or your spouse must dispose of the flat within 6 months from the date of issuance of the Temporary Occupation Permit in respect of the new EC.
If you intend to apply to purchase an EC where the Temporary Occupation Permit for the EC has been issued, you will be required to dispose of your existing HDB / DBSS flat within 6 months from the date the Developer sends you the Notice of Vacant Possession.
You and your spouse will be considered as having enjoyed a housing subsidy when you buy the executive condo unit from the developers under the CPF Housing Grant Scheme.
Sale of your Executive Condominium
One main point of Parc Life eligibility conditions is that you have to occupy your EC unit for at least 5 years before you can sell it in the open market.
Essential occupiers in the Executive Condominium
Occupiers who are essential in forming a family nucleus with you in the Parc Life EC application must continue to be listed in the application and stay in the EC during the 5-year minimum occupation
They cannot make a separate application, or be listed as occupiers in another application to buy an HDB flat or another EC within the MOP.
If you sell your EC unit in the open market, you must wait for 30 months after the sale before you can submit an application to buy:
You are liable to pay a resale levy of $55,000 when you buy a second subsidised flat from HDB or take over ownership of a subsidised HDB flat after selling your EC if you bought it under the CPF Housing Grant Scheme (after meeting the 5-year Minimum Occupation Period (MOP) and the 30-month period).
If you do not intend to buy a second subsidised flat from HDB, for example, if you are buying a resale flat, a new DBSS flat, an EC from the developer, or a private residential property, you need not pay the resale levy.
You cannot invest in private residential property (either locally or overseas) during the 5-year minimum occupation period.
Source: HDB web site
Book an appointment below, our team will run through an eligibility check and revert back to you soon.