EC Buying Procedure
Get the latest update & information for the buying process of an Executive Condominium (EC) unit from a property developer.
Step 1: EC Sales Launch
Visit ShowFlat
The property developer will announce the project launch in the newspapers, social media, their website, etc. You may contact your respective property agents for showflat viewing.
You will be informed on the following:
- Preliminary designs
- The number of EC units offered
- Indicative prices
- E-application period and booking date
Verify Eligibility
Before you make submit an application for an EC, check if you are:
- Eligible to buy an EC unit from a property developer
- Able to obtain a housing loan from a financial institution
- Able to pay the costs related to the purchase such as:
- Downpayment (comprising option fee and balance downpayment)
- Stamp duty and legal fees
- Resale levy/ premium (if applicable)
Step 2: Submit E-Application
E-Application Submission
You must submit an e-application via your respective property agents to the property developer as an express on interest. The Property developer has the choice to offer the units via computer balloting or walk-in selection.
Payment
No Payment is Required During This Stage
Step 3: Receive Outcome of Application
Booking Of Unit
Once you are given your allocated queue number, your respective property agents will inform you on the allocated timing and venue to book your unit on booking day.
If your desired unit is available, you may proceed to book a unit.
Payment
Once you have decided to book a unit, you will be required to:
1) Pay Option fee of 5% of the purchase price on booking day. Payment can be made via:
- Cashier’s Order
- Cheque
- Telegraphic transfer
- Fast and Secure Transfers
- MAS Electronic Payment System
- General Interbank Recurring Order
The amount paid will be used to offset against the final purchase price.
Step 5: Sign Sale and Purchase Agreement
Sales & Purchase Agreement
Once developer receives HDB approval, they will send out the sales & purchase agreement to your respective law firm.
You can engage a preferred solicitor to handle the conveyancing matters, arrange with a financial institution for financing, and check with CPF Board on the use of your CPF savings to pay for the EC unit.
You are required to exercise your sales & purchase agreement 9 weeks from option date via your respective law firm.
Payment
Balance downpayment of 15% of the purchase price to be paid according to the timeframe as stated in your Option To Purchase, by way of CPF Ordinary Account savings or cash.
Depending on the type of payment scheme (NPS / DPS) you selected during the purchase, payment will will be called upon at different stages of the development.
Other payments include legal fees payable to your solicitor, and stamp duty and registration fees on the legal documents for the transaction. Legal fees and stamp duties may be paid using cash or CPF savings. Please check with the financial institution or solicitor for more information on financing / conveyancing matters.
Step 6: Collect Keys to EC unit
Collection of Keys
Property developer will invite you to collect the keys when the EC project is completed.
Payment
check with your respective property agents or developer.