Artist’s impression of Rivercove Residences EC in Sengkang.
The 628-unit Rivercove Residences executive condominium (EC) at Anchorvale Lane in Sengkang opened for e-application on Sunday (1 Apr).
More than 3,000 people have visited the showflat, which is located at the junction of Anchorvale Lane and Sengkang East Avenue.
Developed by Hoi Hup Sunway, a consortium comprising Hoi Hup Realty and Sunway Developments, this is the only new EC launch in 2018.
The e-application period will run till 11 April, while bookings commence on 14 April. For those looking to purchase an EC unit, there are some facts you should know:
1. ECs are a public-private housing hybrid that caters to the sandwich class of home buyers who aspire to own a condo, but cannot afford private property.
2. Developed and sold by private developers, prices of EC units are higher than HDB flats, but their design and facilities are comparable to private condos.
3. Singapore citizens who form a family unit can buy new ECs. Singles above the age of 21 and foreigners can only purchase in the secondary market.
4. To qualify for a new EC, your average gross monthly household income cannot exceed $14,000. Resale ECs are exempt from this ruling.
5. Approximately 70 percent of the supply of units at an EC project is set aside for first-time buyers during the initial launch period.
6. The EC supply is tight because developers can only launch the project 15 months after the site has been awarded.
7. Buyers of newly launched ECs face a Mortgage Servicing Ratio cap of 30 percent of their gross monthly income.
8. Second-time buyers who apply for new EC projects will have to pay a resale levy of up to $50,000.
9. Unlike resale HDB flats, buyers of EC units on the open market are not eligible for the CPF Housing Grant as such homes are considered private housing.
10. ECs can only be sold in the open market after a five-year Minimum Occupation Period.
Sources: HDB, PropertyGuru