Discover
Discover
ECs that have reached their 5-year MOP date by January 1, 2020
2 views
When an Executive Condominium (EC) in Singapore reaches the 5-year Minimum Occupation Period (MOP), several key points come into play:
Eligibility to Sell
After the 5-year MOP, EC owners can sell their units in the open market, but there are still some restrictions. During this period, from the 6th to the 10th year after the Temporary Occupation Permit (TOP) date, the EC can only be sold to Singapore Citizens (SC) or Singapore Permanent Residents (SPR).
Buyer Eligibility
Buyers do not need to form a family nucleus to purchase an EC from the open market. This means that single individuals who are SC or SPR and above 21 years old can buy these ECs.
Restrictions
Until the 10th year after the TOP date, foreigners and corporate bodies are not eligible to purchase these ECs. All restrictions are lifted after the 10th year, allowing anyone, including foreigners and corporate bodies, to buy the ECs.
CPF Housing Grant
Buyers of resale ECs are not eligible for the CPF Housing Grant, as these ECs are treated as equivalent to private housing.
Decision to Sell
Whether to sell an EC right after the 5-year MOP depends on various factors, including the owner's financial situation, market conditions, and personal reasons. It is important to consider these factors carefully before making a decision.
It's great to assist you through EdgeProp Buddy. Given that I'm in Beta phase, it's prudent to get professional real estate advice on such topics.