Sea Horizon Pasir Ris EC Buying Guide

On July 13, 2013, in Sea Horizons, by Admin

Pasir Ris EC FAQ (Frequently Asked Questions)

When is Sea Horizon Pasir Ris EC open for booking?

Registration of Interest: Saturday 13 July – Tuesday 6 August 2013

E-Application: Wednesday 7 August – Sunday 18 August 2013
(E-Applications are similar to applications for HDB flats, except that it is free & there is no penalty nor effect on your BTO status at all if you don’t book a unit even after balloting. Please contact us for details.)

Price Release & Showflat Viewing: Wednesday 4 September – Thursday 5 September 2013
(Price list will be available for viewing on the above stated dates)

Booking Day for GRO: Friday 6 September 2013

Booking Day: Saturday 7 September 2013

What must I do to book a unit?

Email Us and we will send you the application form. (Application cannot be done via HDB website.)

We will also help you do an eligibility check during the e-Application.

Am I eligible to buy this Pasir Ris EC?

You are if:
. You are a Singapore citizen and your partner is a Singapore citizen or PR.
. At least 21 years old.
. Your total monthly household income does not exceed $12,000.
. You form an essential family nucleus as defined by HDB.
. You & your partner have not bought a flat direct from HDB or with a grant more than once.
. None of your family nucleus has owned private property within the last 30 months.

That was the quick answer; for detailed criteria, see the HDB Guide (opens in new window).

Can I buy this Pasir Ris EC if I currently own a HDB flat?

Yes, if you
. Have not bought a flat direct from HDB or resale flat with a grant more than once.
. Have already stayed in your flat at least 5 years if bought direct from HDB or with a grant.
. Will have fulfilled your MOP before this EC gets TOP, if your resale flat was bought without grant.

But you must sell off your current flat within 6 months of TOP (completion) of this Pasir Ris EC.

When can I sell or rent out my Pasir Ris EC unit?

. Can be sold to Singapore citizens or PRs after 5 years, or rented out to anyone then.
. Fully privatized after 10 years. Can then be sold to anyone, including foreigners or developers.

What makes this Pasir Ris EC a good buy?

Though subject to EC purchase & sale restrictions, Sea Horizon EC is:
. 20 to 25% cheaper than private condos.
. A private condominium with sea views in Pasir Ris typically costs around $1200 PSF at least.
. Units at Sea Horizon EC with sea views may be around $8xx PSF. That’s at least 30% cheaper!

What other benefits do buyers of this Pasir Ris EC get?

1st timer buyers
. May be eligible for the CPF housing grant, up to $30,000 to help pay the 15% downpayment.
. Get priority in selecting a unit.

2nd timer buyers
. No longer need to pay a resale levy (after 2009).

Executive condos allow Deferred Payment Scheme (even though around 3% more expensive), something that private condos cannot offer.

What is the difference between EC vs DBSS flats?

DBSS flat
. Slightly cheaper. May be about 20% cheaper depending on location.
. Maximum household income ceiling is $10,000 to buy a unit.
. You can take a HDB loan if your monthly household income is not more than $8,000.
. No facilities.
. Essentially a premium HDB flat that comes with finishes & fittings. You don’t own the land.

EC flat
. Slightly higher price, but potential capital gain may far outstrip the difference in price.
. Maximum household income ceiling is $12,000 to buy a unit.
. No HDB loan; use bank loan instead.
. Full condominium facilities inclusive of security (gated community).
. Essentially a condo. You co-own the land & communal facilities.
. Privatized ie. become private condo after 10 years. May even sell en-bloc to developers eventually.

What’s the payment schedule like for Sea Horizon EC?

  • First 5% cash (via a cheque) at time of booking the unit.
  • Next 15% within 9 weeks (typically) of booking the unit. This 15% can be from CPF Housing Grant, or from CPF funds, or from cash.
  • The remaining 80% can be from CPF funds, bank loan, or cash.
    Under Normal Payment Scheme this 80% is payable progressively, which means you (or the bank if you take a loan) pays out the money as and when construction work reaches certain stages. If you take a loan, your monthly instalments start small and slowly increase.

    Under Deferred Payment Scheme this 80% is only paid when you get the keys to your new Pasir Ris EC. So your mortgage instalments only start then.

Do I have to pay any admin charges or commissions or agent fees?

No, no charge at all. We will gladly provide you all the information, and help you book your Pasir Ris EC unit of choice directly from the developer, without charging you anything.

For any other queries or to register interest, please Email Us.



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