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Last Updated: 21st Oct, 2024
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Novo Place - An Executive Condo
Plantation Close in Tengah
On September 11, the Housing and Development Board announced that Hoi Hup Realty and Sunwayments have been awarded the tender for the executive condominium (EC) site at Plantation Close in Tengah, known as Novo Place EC. The site is expected to provide 495 units and covers an area of 16,441.2 square meters. The joint developers secured the site for a record price of $348.5 million, which sets a new record for EC site land rates, surpassing the previous high of $662 psf ppr at Bukit Batok West Avenue 8, awarded in March 2022. A joint press release from Hoi Hup Realty and Sunway Developments on September 12 detailed that the 99-year leasehold site allows a maximum permissible gross floor area of 46,036 square meters. Wong Swee Chun, chairman of Hoi Hup Realty, expressed satisfaction with acquiring the site, emphasizing its potential to demonstrate their capability in constructing a new generation of beautiful, sustainable, and practical ECs. The residents of Novo Place EC would benefit from the amenities and facilities of the newly established Tengah Town, alongside proximity to the revamped Jurong Regional Centre and Jurong Lake District.
HIGHLY ANTICIPATED PROJECT IN 2024
Novo Place
Executive Condominium
PROJECT INFORMATION
Project Name: Novo Place EC
Developer: Hoi Hup Realty Pte Ltd and Sunway
Developments Pte. Ltd
Total Units: 504 Residential Units (3 to 4 + STUDY)
No. of Blocks: 7 BLOCKS OF 18 STY
Site Area: 16,441.2 SQM
Estimated TOP: Estimated 2027 to 2028
Address: Tengah/Plantation Close
Tenure: 99 Leasehold
District: 24 (Lim Chu Kang/Tengah)
Price PSF: $14xxpsf onwards
Indicative Price Range: $1.1xxmil onwards
Payment Schemes: Normal Payment Scheme/
Deferred Payment Scheme
Novo Place
Executive Condominium
Showflat Location
Frequently Asked Questions
What is an Executive Condominium?
An Executive Condominium (EC) is a type of housing in Singapore that combines elements of public and private housing. Developed and sold by private developers, ECs are designed to cater to the needs of the "sandwich class" – individuals whose household incomes exceed the limits for public housing (HDB flats) but find private condominiums relatively expensive.
Is an executive condo part of HDB?
For the initial 10 years, executive condominiums are classified as Housing and Development Board (HDB) assets, leading to their classification as hybrid private-public properties. Nonetheless, the Singaporean government provides financial support in pricing and permits the utilisation of specific CPF housing grants (elaborated further below).
What is the difference between a private condo and an executive condo?
In the initial years of ownership, ECs are subjected to specific limitations, during which they are exclusively sold to Singaporean citizens. After a designated duration, usually around five years, these restrictions are removed, enabling the owner to sell the EC to citizens and permanent residents. Other limitations, guidelines, and mandates must be adhered to as well. In contrast, private condominiums have little to no restrictions. You can also read about HDB vs. private condos, which we think you’ll find interesting.
Why do people buy an EC?
In addition to qualifying for CPF housing grants, ECs generally have prices around 20% lower than regular condominiums because of the financial support provided by the government during their construction stage. These subsidies aim to enhance affordability for a specific category of potential home purchasers.
Can I buy or invest in private residential property in Singapore or overseas after I buy an EC unit?
Yes, but only after you fulfil the 5-year MOP period of your purchased EC.
Do I have to pay the agent a commission to purchase EC?
No, you do not have to pay an agent any commission to purchase EC. The agent will assist you in applying, balloting, and booking an EC unit from the developer.
What is the cost of buying an EC?
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Purchase Price
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Stamp Duty (Buyers Stamp Duty)
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Legal fee
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ECs are also NOT affected by Additional Buyers Stamp Duty.
Is EC or BTO better?
Both a Build-To-Order (BTO) apartment and an Executive Condominium (EC) present significant prospects for value increase and a more substantial profit margin. BTO flats come with lower entry hurdles due to their affordability, and they provide a broader array of locations compared to ECs (though still more restricted than resale flats).
What is the salary cap for an executive condo?
The combined earnings of all individuals named in the EC application should not surpass $16,000. Thus, the intended demographic for ECs comprises households with earnings ranging from $14,000 to $16,000 per month.Upon reserving an EC unit, the property developer will provide instructions regarding document submission, including income-related papers.
What must I bring to book an EC unit?
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NRIC
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Birth certificate and marriage certificate
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12 months payslips, an income tax return or assessment; and
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Other documents as required by the developer or HDB.
Check Your Eligibility
You must meet the eligibility conditions to buy an Executive Condominium (EC) unit from a property developer. Please also find out if you must pay a resale levy and what conditions will apply after you buy an EC unit, before you apply for an EC unit.
Get in touch with us to access your:
✔ Eligibility to buy an Executive Condominium
✔ Financial planning including loan calculation and budgeting
✔ Timeline planning on selling & buying the next home
Normal Progressive Payment Scheme
Please contact us to learn more about Normal Progressive Payment Scheme and Deferred Payment Scheme. Bridging loan is available for HDB existing owner. Maximum Loan to Value to subject to TDSR (Total Debt Servicing Ratio). Please contact us to do a full set of financial calculation.
5%
Booking fee upon unit selection. Payable by cash only.
15%
Exercise fee upon signing S&P. Payable by Cash or CPF OA.
5%
Normal Progressive Payment Scheme. Payable by Cash or CPF OA.
75%
Normal Progressive Payment Scheme. Payable by bank loan
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