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Hello! Can someone advise me please? Thank you.

I have just sold my private condo. I hope to obtain an EC as my next home. I need no loan. What can I do? Can I .....

Option 1
~ Book an EC (already TOP) & move in immediately? Which EC is that then? (zero waiting time)

Option 2
~ Book a NEW EC condo & wait for its TOP (36 mths waiting time)

Option 3
~ Or I must wait "30 months" period then I can book a NEW EC & wait another 3 yrs for its TOP? (66 mths waiting time)

Thank you.
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2 Answers

Mike Lim
Replied
Morning Mrs Chew,

For your case, do you have a roof over your head at this moment? Purchase of resale EC will give you larger living space and you can choose which estate you prefer. With such purchase, the paperwork would take around 3 months, excluding the time required for hunting.

For EC that have yet to fulfill TOP, the sellers are not eligible to sell it as yet. For new launch EC, I believe you need a longer waiting period. But if you have somewhere to stay and you are looking at investment point of view, you can give it a try.

Regards
Mike Lim
 96929209 
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  • CJ
    Replied
    Thank you, Mike, YT & Gerald.
    I get the picture now.

    Now I need to think what next steps then.
    But I know I 100% will never buy a resale EC ;- reasons as below

    1. Buying an EC 1st hand is to gain the 1st owner advantage & for long term own stay.

    2. If resale EC now are asking for almost the same price as Private 99 yrs Leasehold Condo. Then I am not so stupid to buy resale EC when the same price can be purchased for a private 99 years leasehold condo - the stigma of EC will still be attached, unfortunately.

    3. My own belief;- EC still carries with it HDB rules & regulation & all the dos & donts during 1st ten years after TOP. With this restriction, any potential property gains may be marginalised anyway.

    So, I still need to think some more. But thank you for replying. I have saved your HP. Cheers!
YT Tan (陈永达)
Replied
Hi Mrs Chew,

Based on your situation, you are only allowed to purchase resale EC if you are keen in only EC. Cause you have to wait 30 months for application in new EC and in your illustration of TOP EC, they falls in new EC category thus you are not eligible to purchase.

Even for TOP EC but have not MOP, you are not able to purchase as well because sellers are not eligible to sell at all.

Are you open to other options like resale HDB, resale condos etc?

Warmest Regards,
YT TAN
Senior District Manager
R043025D
(M): 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W1): www.yttan.com
(W2): yttan.stproperty.com.sg/
ECG Property Pte Ltd Read More
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