Hi,
For new EC units purchase directly from Developer, no ABSD is applicable. If you like to sell HDB after buying the new EC, the downside would be you need to have sufficient funds ready within 10 weeks of booking (25% + 3%) to fund the downpayment, buyer stamp duties and legal fees of the EC purchase.
For example a $1.2mil new EC unit, the downpayment stamp duties legal fees will add up to 335100, of which minimum 60000 must be in cash (5%). This is assuming 75% loan no issue.
You will also have to service 2 home loans concurrently. This is based on the Normal Payment Scheme.
If based on the Deferred Payment Scheme, the downpayment stamp duties legal fees will be approx 23% instead, need to be ready within 10 weeks. The rest of the payments can be deferred till TOP. But DPS is usually 3% higher than NPS pricing for the same unit.
Do note resale levy also applies if you have taken 1 housing subsidy before.
By the way, Piermont Grand EC is fully sold as well. Perhaps you might want to consider the resale EC units in Punggol?
Hope the above clarifies. May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.
Warm Regards,
Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever
ERA Top 11 Achiever in June 2020 (Top 1% Company Level)
ERA Top 91 Achiever in 2nd Quarter 2020 (Top 2% Company Level)
ERA Top 15 Achiever in April 2019 (Top 1% Company Level)
ERA Top 86 Achiever in Sept 2019 (Top 2% Company Level)
ERA Top 510 Achiever in Year 2019 (Top 8% Company Level)
SMU BBM (Finance), Magna Cum Laude
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-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --
I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.
-- HDB Yishun BTO 5-RM Sellers, Private Property Upgraders Mr. & Mrs. Koh --
I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan.
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