Updated List of New EC Launch in Singapore

Which are the New EC Launch?

Location Map of New EC Launch

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Advantage of buying a New EC Launch?

✔️ No Additional Buyers Stamp Duty (ABSD)

Firstly, when you want to upgrade from a HDB flat to a condo, you can choose to sell your flat first, or buy the condo first.

For most families, it’s more convenient to buy the condo first. Because this will allow them to live in their flat until the condo unit is ready to move in.

However, buying the condo while still owning your flat at the same time, will incur the ABSD. Because the condo will count as the second property. At the present, the ABSD is 12% for Singaporean and 15% for SPR.  You can apply for ABSD remission later, provided you meet the requirements.  But, that is a substantial amount you wouldn’t neglect.  Also, the stress of having to sell your flat within a limited time frame might cause you a huge loss.

But with an EC, there’s no need to pay for ABSD. Upgraders can still live in their flat while waiting to collect the keys for the EC.

✔️ Affordable Price

Secondly, I believe you have heard of the following analogy quoted by our former MND minister Mr. Khaw Boon Wan: buying an EC is like buying a Lexus at Corolla price.

Literally, a new private condo has a 20% price premium over a new EC.  But to give you a clearer idea of the EC vs private condo price gap, let me show you the average prices in a similar location.

Private condo vs EC price

Look at the location map, they are situated in a comparable location to each other which is a really good comparison between an EC and a private condo.

Ola, being an EC priced at $1,139 psf on average as compared to Parc Botannia which is fully sold at $1,366 psf on average.  That’s a difference of 20%.

Whereas Parc Central Residences EC transacted at $1,177psf on average versus The Tapestry sold at $1,379 psf on average. That’s above 17% difference.  Although that’s below the norm 20% cheaper, still a good bargain, because there was no other new EC launch in the East for the past 7 years.

✔️ Up to $30k CPF Housing Grant for 1st Timer

Thirdly, you not only enjoy the cheaper price than the private condo but also the CPF housing grant up to $30,000 provided you have fulfilled the requirements.

So, you got to be the first-timer applicant with a monthly combined gross income of not more than $12,000.

You will be considered a first-timer applicant if you have not received any housing subsidy from HDB, which means that you must not:

• Be the owner of a flat bought from HDB
• Have sold a flat bought from HDB
• Have taken the CPF Housing Grant to buy an EC, Design, Build and Sell Scheme (DBSS) flat or an HDB resale flat, or taken over ownership of such a flat or EC
• Have transferred the ownership of a flat bought directly from HDB, or an HDB resale flat bought with a CPF Housing Grant
• Have ever taken other forms of housing subsidy, such as Selective En bloc Redevelopment Scheme benefits or privatization of HUDC estate

However, if you are the second-timer, you may have to pay for a resale levy.

✔️ Deferred Payment Scheme available

Last but not least, a benefit which makes you never thought that you could afford a new EC launch.

There are two types of payment schemes available to prospective EC purchasers:

1. Normal Payment Scheme (NPS); and
2. Deferred Payment Scheme (DPS)

Under the NPS, buyers make installment payments on the property each time the developer hits certain pre-set milestones in its construction – kind of like a reward system. This is the same as if you are buying into a private condo.  So, with NPS you got to prepare your 25% downpayment plus buyer stamp duty soon.

Whereas the DPS, allows buyers to push back the timing of the payments. Instead of making small payments every few months, DPS buyers need only pay a 20% downpayment plus buyer stamp duty while the remaining 80% is paid once the project is completed (TOP about 3 years after).

While the DPS may seem the obvious choice, it usually comes with a higher price tag of about 3% as compared to buying under the NPS.  But if you are short of the downpayment, DPS is an open door for you only for the new EC launch.

At the same time, if you are still paying for other housing loans, it would be a heavy burden for you to serve both. Therefore, it wouldn’t be a bad choice even though paying for the additional 3%.

Many People Realize their future Dream Home through New EC Launch, would you be the next one?

We expertise in revealing your possibility to minimize your cost and optimize your potential to own and get rich with multiple properties.

Register with us now to view the showflat for the current new condo launch.

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