{"id":84368,"date":"2018-04-02T13:05:46","date_gmt":"2018-04-02T06:05:46","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/10-facts-you-should-know-about-ecs\/"},"modified":"2018-04-02T14:03:03","modified_gmt":"2018-04-02T07:03:03","slug":"10-facts-you-should-know-about-ecs","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/10-facts-you-should-know-about-ecs\/","title":{"rendered":"10 facts you should know about ECs"},"content":{"rendered":"


\nArtist\u2019s impression of Rivercove Residences EC in Sengkang.
\nThe 628-unit Rivercove Residences executive condominium (EC) at Anchorvale Lane in Sengkang opened for e-application on Sunday (1 Apr).
\nMore than 3,000 people visited the showflat yesterday, which is located at the junction of Anchorvale Lane and Sengkang East Avenue.
\nDeveloped by Hoi Hup Sunway, a consortium comprising Hoi Hup Realty and Sunway Developments, this is the only new EC launch in 2018.
\nThe 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:
\n\u00a0
\n1. 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.
\n2. 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.
\n3. 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.
\n4. To qualify for a new EC, your average gross monthly household income cannot exceed $14,000. Resale ECs are exempt from this ruling.
\n5. Approximately 70 percent of the supply of units at an EC project is set aside for first-time buyers during the initial launch period.
\n6. The EC supply is tight because developers can only launch the project 15 months after the site has been awarded.
\n7. Buyers of newly launched ECs face a Mortgage Servicing Ratio cap of 30 percent of their gross monthly income.
\n8. Second-time buyers who apply for new EC projects will have to pay a resale levy of up to $50,000.
\n9. 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.
\n10. ECs can only be sold in the open market after a five-year Minimum Occupation Period.
\n\u00a0Sources: HDB, PropertyGuru
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…10 facts you should know about ECs<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Artist\u2019s impression of Rivercove Residences EC in Sengkang. The 628-unit Rivercove Residences executive condominium (EC)...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-84368","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-lWM","jetpack-related-posts":[{"id":83921,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rivercove-residences-ec-to-open-for-e-application-on-1-april\/","url_meta":{"origin":84368,"position":0},"title":"Rivercove Residences EC to open for e-application on 1 April","date":"March 28, 2018","format":false,"excerpt":"\r Artist\u2019s impression of Rivercove Residences, which offers views of Sungei Punggol. Rivercove Residences, the only new executive condominium (EC) launch in 2018, will open for e-application this Sunday (1 Apr), said developer Hoi Hup Sunway \u2013 a consortium comprising Hoi Hup Realty and Sunway Developments. Located along Anchorvale Lane\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":84890,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rivercove-residences-ec-oversubscribed-2-5-times\/","url_meta":{"origin":84368,"position":1},"title":"Rivercove Residences EC oversubscribed 2.5 times","date":"April 10, 2018","format":false,"excerpt":"\r Artist\u2019s impression of Rivercove Residences EC in Sengkang. The Rivercove Residences executive condominium (EC) in Sengkang has attracted over 1,500 e-applications since its preview launch on 1 April, said developer Hoi Hup Sunway on Monday (9 Apr). This translates to an oversubscription rate of 2.5 times for the project\u2019s\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":85456,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rivercove-residences-ec-nearly-80-sold-at-average-965-psf\/","url_meta":{"origin":84368,"position":2},"title":"Rivercove Residences EC nearly 80% sold at average $965 psf","date":"April 16, 2018","format":false,"excerpt":"\r Artist\u2019s impression of Rivercove Residences EC in Sengkang. Rivercove Residences\u2019 first ballot and booking exercise saw close to 80 percent of its 628 units sold at an average price of $965 psf, reported the Business Times. The executive condominium (EC) project in Sengkang, which is this year\u2019s only new\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":59054,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/e-applications-open-this-wednesday-for-hundred-palms-residences-ec\/","url_meta":{"origin":84368,"position":3},"title":"E-applications open this Wednesday for Hundred Palms Residences EC","date":"June 27, 2017","format":false,"excerpt":"\r Artist\u2019s impression of Hundred Palms Residences at Yio Chu Kang Road. The executive condominium (EC) market is set to stir back to life with the launch of Hundred Palms Residences at Yio Chu Kang Road. E-applications open this Wednesday and run until 10 July, while sales bookings start on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":97984,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/close-fight-for-sengkang-ec-site\/","url_meta":{"origin":84368,"position":4},"title":"Close fight for Sengkang EC site","date":"September 17, 2018","format":false,"excerpt":"\r Location map of the land parcel at Anchorvale Crescent. Source: HDB Competition was tight for an executive condominium (EC) site measuring approximately 184,464 sq ft at Anchorvale Crescent in Sengkang, which attracted a total of seven bidders before the tender exercise closed on Friday (14 Sept). According to the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23811,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/16-bids-for-anchorvale-lane-ec-site\/","url_meta":{"origin":84368,"position":5},"title":"16 bids for Anchorvale Lane EC site","date":"August 24, 2016","format":false,"excerpt":"\r Location of the land parcel at Anchorvale Lane. Source: HDB An executive condominium (EC) site along Anchorvale Lane in the Sengkang area has attracted strong interest from developers, with 16 bids submitted at the end of the public tender exercise on Tuesday (23 August), said the Housing and Development\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/84368"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=84368"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/84368\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=84368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=84368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=84368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}