facebookA Singaporean's Step-By-Step Guide: Applying for Your First Executive Condo (The Ola EC Launch)



Seedly Step By Step EC Guide The Ola EC Launch Price

A Singaporean's Step-By-Step Guide: Applying for Your First Executive Condo (The Ola EC Launch)

profileJacqueline Yan

February 2020 Executive Condominium Sales Launch Prices

Looking to buy an Executive Condominium (EC)?

The Ola EC is finally launched!

Source: The Ola EC

The estimated prices for the EC project are out too, so you can do the math and see if it’s within your reach.

Note: The finalised prices for Executive Condominiums are usually released after the application is closed.

But what you can get is an estimated price, which is usually provided by the developer a couple of days before the actual launch.

The Ola EC Estimated Prices

Launch date: 21 February 2020

Application close date: 1 March 2020

TownEC ProjectUnit TypeFloor Area
Number of UnitsEstimated Price
(Excluding Grants)
SengkangOla EC2 Bedroom77530$837,000 - $891,250
3 Bedroom926 - 947196$1,000,080 - $1,089,050
3 Bedroom + 1 Deluxe1,00115$1,081,080 - $1,151,150
3 Bedroom + 1 Premium1,055211$1,139,400 - $1,213,250
4 Bedroom1,38987$1,500,120 - $1,597,350
5 Bedroom Penthouse1,7229$1,859,760 - $1,980,300

Prices listed are based on the estimated price range of $1,080 to $1,150 psf.

Overview of The Ola EC Launch February 2020

Source: The Ola EC
The Ola Project Details
Expected LaunchQ1 2020
Showflat Preview Period21 February 2020
Number of Units548 units
(2-,3-,4-,5-room penthouse)
Tenure99 year leasehold
Estimated Selling Price
(per square foot)
$1,080 - $1,100
Expected Date of TOP14 December 2023
Expected Date of Legal Completion14 December 2026

Upcoming Executive Condominium (EC) Launches in 2020

Parc Central Residences EC @ Tampines Avenue 10

Source: Parc Central Residences EC
Tampines Ave 10 Project Details
Expected LaunchQ3 to Q4 2020
Number of Units~695 units of 1-4 bedrooms
Tenure99 year leasehold
Average Selling Price
(per square foot)
$1,050 - $1,150 psf
Expected Date of TOP2024
Expected Date of Legal CompletionTBA

Parc Central Residences EC Estimated Prices

Launch date: TBC

Application close date: TBC

Past Executive Condominium (EC) Launches in 2020

Parc Canberra @ Canberra Link, Canberra

Source: Parc Canberra EC
Parc Canberra EC Project Details
Expected LaunchQ1 2020
Showflat Preview Period31 January - 10 February 2020
Number of Units496 units of 3-5 bedrooms
Tenure99 year leasehold
Average Selling Price
(per square foot)
$1,080 psf
Expected Date of TOP2023
Expected Date of Legal CompletionTo be announced

Parc Canberra Estimated Prices

Launch date: 31 January 2020

Application close date: 10 February 2020

TownEC ProjectUnit TypeFloor Area
Number of UnitsPrice
(Excluding Grants)
SembawangParc Canberra2 Bedroom + Study 8291 -
3 Bedroom818 - 92677From $855,000
3 Bedroom + Utility926 - 947168From $958,000
3 Bedroom Premium
947 - 1,001182From $995,000
4 Bedroom Premium1,152 - 1,18457From $1,210,000
5 Bedroom Premium1,45311From $1,490,000

Step-by-Step Guide: How to Apply for an Executive Condominium?

As compared to an HDB BTO, the price tag of an Executive Condominium is definitly larger.

But buying your first executive condominium doesn’t have to be a scary affair!

(You just need to REALLY understand what your financial situation is like before committing to such a huge purchase)

Whether you’re looking for an affordable home, or maybe you exceeded the HDB BTO income ceiling.

Here’s all you need to know about the entire EC application process!

1. Check Your Eligibility to Apply for an Executive Condominium

Before you get too excited about applying for your first home, it’ll be good to do a quick check for your eligibility.

CriteriaPublic Scheme, Fiancé/Fiancée Scheme or Orphans SchemeJoint Singles Scheme
CitizenshipYou must be a Singapore CitizenAll singles must be Singapore Citizens if applying under the Joint Singles Scheme
At least 1 other applicant must be a Singapore Citizen or Permanent Resident
AgeAt least 21 years oldAt least 35 years old
Income CeilingHousehold income must not exceed $16,000
Property OwnershipYou do not own other property overseas or locally
You have not disposed of any local or overseas property within the last 30 months
You have not bought a new HDB/DBSS or received a CPF Housing Grant before
You have only bought one of the above properties & received 1 CPF Housing Grant thus far

Apart from the eligibility conditions, you should also find out which eligibility scheme you can apply under.

Eligibility SchemesWho Are You Applying With?
Public SchemeSpouse & Children
Parents & Siblings
Children under your legal custody (if widowed or divorced)
Fiancé/Fiancée SchemeSpouse-to-be
Orphans SchemeSiblings who are orphans and single
Joint Singles SchemeUp to 3 other co-applicants

Similar to an HDB BTO application, if you applied under the Fiancé/Fiancée Scheme, you’ll be required to submit a copy of your marriage certificate to your EC developer within 3 months of keys collection.

2. Understand & Work Out Your Financial Situation

StagePayment DueMode of Payment
Submitting your applicationApplication fee (determined by developer)Determined by developer
Booking of flat & signing of Option to Purchase (OTP)Downpayment5% of purchase price (Option fee)
- Cash
- Cashier's order
- Cheque
Signing Sale and Purchase Agreement15% - 20% of purchase price- Cash
- Cashier's order
- Cheque
1% - 3% legal fee and stamp duty
Collection of keysOther payments required will be informed by developer- Cash
- Cashier's order
- Cheque

Since you won’t be able to take an HDB Housing Loan for your EC, you will need to apply for a bank loan to finance your future home.

As a first-time applicant with no prior property, you may borrow up to 75% of the purchase price of your EC, subject to the Mortgage Servicing Ratio (MSR) and the Total Debt Servicing Ratio (TDSR).

That’s right, this step becomes really important since you need to ensure that you’ve got enough cash and CPF monies to cover the 25% downpayment.

Fret not, eligible EC applicants can also receive CPF Housing Grants, depending on your household income.

Average Gross Monthly Household Income Family GrantHalf-Housing Grant
Of all persons in application (i.e. applicants & occupiers)Singapore Citizen (SC/SC) HouseholdSingapore Citizen / Permanent Resident (SC/PR) HouseholdFirst-timer Singapore Citizen / Second-timer Household
$10,000 or lower$30,000$20,000$15,000
$10,001 to $11,000$20,000$10,000$10,000
$11,001 to $12,000$10,000Nil$5,000
$12,001 to $14,000*NilNilNil
* Figures retrieved from HDB website.
As reflected in MND's press release, there are no housing grants for applicants with monthly household income from $12,001 to $16,000.

Be sure to work out the costs and apply for a place that is within your financial means!

3. Look out for the EC Launch & Submit Your Application

Since you’ll be purchasing your EC unit directly from the developers instead of HDB, the application process and timeline may vary.

Most developers will require you to submit an online application to register your interest in the project before inviting you to the showroom when the development is launched.

Like an HDB BTO application, an application fee applies, which will be determined by the developer.

4. Visit the Showroom

When the development launches, you’ll be invited to the showroom where you can choose to book a flat you if you are still interested to do so.

Before heading down to the showroom, remember to check and prepare the necessary supporting documents:

  • Proof of identity/citizenship
  • Proof of relationship/marital status
  • Proof of income
  • CPF Housing Grant application form (if you are eligible)

Your developer may require other documents to verify your eligibility to purchase, so be sure to clarify with them in advance.

Typically, the selection and booking of an EC unit will also be done with a balloting process.

Regardless of your ballot number, be sure to shortlist a few units to avoid disappointment in case your dream unit is taken up! Unless you’re the first in the queue, then nevermind… 

5. Book Your Unit

Now, if you are lucky enough to be able to select your unit, you’ll need to pay an option fee to secure your Option to Purchase (OTP).

The option fee payable is 5% of the purchase price of your unit and will be made in cash or cheque.

Bear in mind that the Option to Purchase is tagged to the unit you have selected, so choose wisely as you won’t be able to change your mind once it’s completed.

It takes approximately 3-5 weeks for HDB to review and approve your application, giving you time to research and finalise your loan options.

6. Research & Finalise Your Bank Loan

Since you’re not able to take an HDB loan for your EC unit, it’s important that you do your research on the bank loans available and find the home loan that suits you best.

You’ll be issued a Letter of Offer by the bank when your loan application has been approved after submitting the required supporting documents.

While settling your bank loan, you’ll also have to engage a lawyer to handle the legal aspects of your purchase.

Most of the time, the banks will have assigned lawyers for you to choose from.

Alternatively, you can also appoint your own trusted lawyer.

7. Receive & Exercise Sale & Purchase Agreement

Once your EC application has been approved by HDB, you’ll receive your Sale and Purchase Agreement (S&P) and you’ll have 3 weeks to exercise your option. Yay! 

Hold up!

When you sign and exercise your S&P, you’ll also have to pay the Exercise Fee and Buyer’s Stamp Duty.

The Exercise Fee, which is the remaining 15% of your downpayment, is payable on the day of signing the S&P or within 9 weeks from your OTP, whichever is later.

Your Buyer’s Stamp Duty depends on the purchase price of your EC unit and is payable within 14 days of signing your S&P. Since 14 days is a relatively tight timeline, you can always apply for a one-time reimbursement from your CPF account to offset the cost.

Purchase Price or Market Value of PropertyBuyer's Stamp Duty Rates
(for residential properties)
First $180,0001%
Next $180,0002%
Next $640,0003%
Remaining Amount4%

Do note that Additional Buyer’s Stamp Duty applies if you are purchasing your second property.

At this stage, you’ll also be required to pay legal fees and valuation fees, either with cash or your CPF monies.

8. Start Making Payments, Or Wait To Pay…

Now that most of the administrative matters have been taken care of, it’s time to wait for your EC be completed!

For first-time applicants on the Normal Payment Scheme (NPS), repayment for your home loan commences even before you collect the keys to your unit.

Payments are made when your developer reaches the predetermined construction milestone for the project.

However, if you’re on the Deferred Payment Scheme (DPS), you’ll only need to pay the remaining after collecting your keys.

About Jacqueline Yan
Full-time coffee nerd playing the personal finance game to feed her insatiable wanderlust.
You can contribute your thoughts like Jacqueline Yan here.

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