THE CANOPY YISHUN EC
(EXECUTIVE CONDOMINIUM)
NO HDB RESALE LEVY
$30,000 CPF GRANT
pricing starts from 6xx psf
Introducing new Executive Condominium (EC) in Yishun Avenue 11. Located just beside Lilydale development.
406 units
Developer: MCC land
99 years leasehold
full condo facilities (except without tennis court)
2bedroom
2+study
3bedroom
3+study
4bedroom
Penthouses
DEVELOPER's PROFILE
BUYING EXECUTIVE CONDOMINIUM FROM DEVELOPER
INTRODUCTION
Executive Condominiums (EC) were introduced to cater to Singaporeans, especially young graduates and professionals who can afford more than an HDB flat but find private property to be out of their reach. ECs are comparable in design and facilities to private condominiums as they are developed and sold by the private developers.
ECs are developed and sold by private developers.
ELIGIBILITY CONDITIONS
Citizenship
1. Applicant must be a Singapore Citizen
2. His family nucleus must comprise at least another Singapore Citizen or Singapore Permanent Resident.
Age
1. Applicant must be at least 21 years old at the time of application
2. Buying an Executive Condominium (EC) under the Joint Singles Scheme, the applicant must be at least 35 years old
Family Nucleus
Applicant must form a proper family nucleus under one of the following schemes:
Type of Scheme | Family Nucleus Requirements | Other Conditions of Purchase |
Public | The applicant and: Ø his spouse, and children (if any) Ø his parents, and siblings (if any) Ø his children under his legal custody (for widowed/ divorced) | |
Fiancé/Fiancée | The applicant and his fiancé/ fiancée | Ø If the fiance/fiancee is below 21 years old, he/she can only be listed as an occupier in the application. Ø If the fiance/fiancee is below 21 but 18 years old and above, a written consent of parents or guardians must be submitted with the application. Ø No changes of the name of fiance/fiancée is allowed. Ø Applicant must produce his marriage certificate to the Developer, within 3 months after taking possession of the EC unit. Ø Applicant must produce his marriage certificate for inspection by the Developer before taking possession of the EC unit bought with CPF Housing Grant. |
Orphan | The applicant and: Ø All of his unmarried siblings, or Ø Another single unrelated orphan | All unmarried siblings are not allowed to buy or rent flats under the Orphans Scheme separately. |
Joint Singles | The applicant and another single person. | Ø Both must be co-applicants; Ø Both must be SCs and at least 35; years of age at the time of application; Ø The CPF Housing Grant Scheme for Singles is not applicable for the purchase of EC. |
Income Ceiling
Applicant’s gross monthly household income must not exceed $10,000
Ownership in Private Property
Applicant, his spouse, any occupiers listed in the Application Form or their spouses must not own or dispose or have an estate or interest in any other flat, house, building or land*
1. Within 30 months before the date of application, and
2. Between the application date and the date of taking possession of the EC
* Includes but not limited to: 1. HUDC flats (Privatised and Non-Privatised) 2. Properties acquired by gift 3. Properties inherited as beneficiaries under a will or as a result of the Intestate Succession Act 4. Private properties 5. Properties owned/acquired/disposed through nominees regardless of properties location |
Owners/Ex-owners of HDB flats / DBSS flats / EC units
Each eligible Singaporean household can buy the following housing unit only twice:
1. a flat from the HDB;
2. a resale flat with the CPF Housing Grant;
3. a DBSS flat from developer;
4. an EC unit from developer.
If applicant has already bought two housing units, he will not be eligible to apply or be listed as an essential occupier in an application.
First-timer Applicants
Applicant and the essential family members listed in the application for purchase of the flat must not:
1. Be the owners of a flat bought direct from HDB, a DBSS flat or an Executive Condominium bought from the developer
2. Have sold a flat bought direct from HDB, a DBSS flat or an Executive Condominium bought from the developer
3. Have received the CPF Housing Grant for the purchase of an HDB resale flat
4. Have enjoyed other forms of housing subsidy (for example, enjoyed benefits under the Selective En bloc Redevelopment Scheme, privatisation of HUDC estate etc)
As a first-timer applicant, applicant will be given a higher quota of the EC supply for application during the initial launch period.
Second-timer Applicants
Applicant or the essential family members listed in his application have owned/sold or are currently owners of:
1. Any HDB flat that was bought from HDB, or
2. Any resale flat that was bought under the CPF Housing Grant Scheme, or
3. A DBSS flat or an EC bought from the developer, or
4. Have enjoyed other forms of housing subsidy (for example, enjoyed benefits under the Selective En bloc Redevelopment Scheme, privatisation of HUDC estate etc.)
The resale levy will not apply to new EC projects which are launched from 2009 onwards, after the La Casa.
Existing Owner or Ex-Owner
Applicant, his spouse or any of the essential occupiers listed in the application are an existing owner or ex-owner of a:
1. Flat bought directly from HDB; or
2. DBSS flat bought from the developers; or
3. Resale flat bought under the CPF Housing Grant Scheme,
they may apply to buy an EC on condition that a 5-year period (excluding any period of subletting of the whole flat) has lapsed from the *date of taking possession of the flat to the date of application for a new EC period (excluding any period of subletting of the whole flat) has lapsed from the *date of taking possession of the flat to the date of application for a new EC
* The date of taking possession refers to following dates (whichever is applicable): Ø Date of key collection, for flats that are bought direct from HDB Ø Date of resale completion, for purchase of resale flats from the open market bought with the CPF Housing Grant Ø Date of transfer at market value of the flat bought with CPF Housing Grant Ø Date of key collection for EC/DBSS flats bought from the developer |
Ex-owners of an EC
Applicant, his spouse or any of the essential occupiers listed in the application are an ex-owner of an Executive Condominium bought directly from the developer, they would need to meet a 5-year period from the date of taking possession of the earlier Executive Condominium.
In addition, they need to wait out a 30-month period from the effective date of disposal (i.e., date of legal completion of the sale of their Executive Condominium, evidenced by the Notice of Transfer or such other documentary evidence as HDB may require) of the Executive Condominium before you can apply to buy another Executive Condominium directly from the developer.
Essential Occupiers
Any person applying to buy an HDB flat or be listed as an occupier must not be currently listed as an essential occupier of:
1. An existing HDB flat bought directly from HDB,
2. A DBSS flat bought under the CPF Housing Grant Scheme, or,
3. A resale flat bought under the CPF Housing Grant Scheme
However, this is possible only if he has stayed in the existing flat for 5 years from the *date of taking possession of the existing flat to the date of application for a new flat.
* The date of taking possession refers to following dates (whichever is applicable): Ø Date of key collection, for flats that are bought direct from HDB Ø Date of resale completion, for purchase of resale flats from the open market bought with the CPF Housing Grant Ø Date of transfer at market value of the flat bought with CPF Housing Grant Ø Date of key collection for EC/DBSS flats bought from the developer |
Divorcees
A divorcee may apply to buy an HDB flat or be listed as an occupier after 5 years from the date the divorce is made absolute to the date of application for a new flat if his matrimonial flat was:
1. Bought directly from HDB,
2. A DBSS flat bought under the CPF Housing Grant Scheme, or
3. A resale flat bought from open market under the CPF Housing Grant Scheme
However, the 5 years period will not apply if:
1. The matrimonial flat was bought from the open market without any CPF Housing Grant
2. He is applying for the flat with his parents or new spouse
Person Who Has Bought an EC/DBSS Flat with CPF Housing Grant
A person who bought an EC or DBSS flat with CPF Housing Grant and terminated the Sale and Purchase Agreement may apply to buy an EC.
However, this is allowed on the condition that a 5-year period has lapsed from the termination date of the Sale & Purchase Agreement of their earlier EC or DBSS flat purchase, to the date of application date for an EC.
Conditions after Purchase of EC
1. Selling of current HDB / DBSS flat in the open market
If applicant currently owns an HDB / DBSS flat, he and/or his spouse must dispose of the flat within 6 months from the date of issuance of the Temporary Occupation Permit in respect of the Executive Condominium (EC).
If applicant intends to apply to purchase an EC where the Temporary Occupation Permit for the EC has been issued, he will be required to dispose of your existing HDB / DBSS flat within 6 months from the date the Developer serves the Notice of Vacant Possession on you.
2. Enjoying of Subsidy
Applicnt and his spouse will be considered as having enjoyed a housing subsidy when he buys an EC under the CPF Housing Grant Scheme from the developers.
3. Minimum Occupation Period (MOP)
Ø Sale of EC: Owner has to occupy the EC for 5 years before he can sell it in the open market
Ø Essential occupiers in EC: Occupiers who are essential in the forming of a family nucleus with applicant in the EC application must continue to be listed in the application and stay in the EC during the 5-year minimum occupation period.
They cannot make a separate application, or to be listed as occupiers in another application to purchase an HDB flat or another EC within the MOP.
4. Buying another subsidised housing
After selling a EC in the open market, applicant must wait for 30 months before he can submit an application to buy:
Ø a new flat from HDB
Ø an apartment under the Design, Build and Sell Scheme (DBSS) from developers
Ø another EC from developers
5. Resale Levy`
The resale levy is meant to reduce the housing subsidy that can be enjoyed by flat buyers in the purchase of their second subsidised flat from HDB. It also ensures a fairer allocation of housing subsidies among flat buyers.
EC owner is liable to pay a resale levy of $55,000 when he buys a second subsidised flat from HDB or take over ownership of a subsidised HDB flat after selling the EC bought under the CPF Housing Grant Scheme (after meeting the 5-year Minimum Occupation Period (MOP) and the 30-month period).
If EC owner does not intend to buy a second subsidised flat from HDB, for example, if he is buying a resale flat, a new DBSS flat, an EC from the developer, or a private residential property, you need not pay the resale levy.
6. Interest in Private Property
EC owner and his essential occupiers cannot invest in private residential property during the 5-year minimum occupation period.
Financing Purchase of EC
1. Applicant is to pay 5% of the purchase price in cash upon booking a EC unit;
2. Applicant is to pay 15% of the purchase price within 9 weeks from the date of exercising Option To Purchase by using CPF housing grant, CPF saving or cash;
3. Applicant may obtain housing loan from private financial institutions to finance the remaining 80% of the purchase price.
BUYING EXECUTIVE CONDOMINIUM IN OPEN MARKET
Executive Condominium (EC) owners who have occupied their EC and met the 5-year minimum occupation period (MOP) can sell their EC in the open market. The 5-year MOP is computed from the date of issuance of Temporary Occupation Permit (TOP) in respect of each EC.
After the 5-year MOP, from 6th to 10th year, EC can be sold in the open market to those who can meet the following eligibility conditions:
1. Citizenship
Buyer must be a Singapore Citizens (SC) or Singapore Permanent Residents (SPR) in order to buy a EC in the 6th to 10th year occupation period
Foreigners and corporate bodies can buy ECs in the open market from 11th year of the EC project. All restrictions will be lifted from 11th year onwards
2. Family Nucleus
Buyer need not form a family nucleus to buy a EC from the open market. For e.g. a single person above 21 can buy a EC from the open market.
3. CPF Housing Grant
Buyers of resale ECs are not eligible for CPF Housing Grant as such ECs are treated as equivalent to “private housing”.
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