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Tips for Foreign Investors
Buying Executive Condos or HDB
apartments
Foreigners
are not permitted to buy Executive Condos (EC) or Housing &
Development Board (HDB) apartments. However, if they obtain
permanent residence (PR), they can purchase such properties but
must be aware of the numerous obligations.
For Singaporeans or PR living overseas for long periods of time,
the EC or HDB apartments may be a low-cost long term investment as
they are much more affordable and value for money per sq ft than
private condos.
Source: The New Paper May 12 2002
No wife? No exec condo.
Mr Teo Eng Guan lost his wife and with her went his $450,000
executive condo and his life savings even before he had the keys
to his Eastvale EC.
He was not qualified for an EC because he did not have a nucleus
family comprising at least one Singapore citizen or one PR. He
qualified as the gross income of himself and his family did not
exceed S$10,000 per month.
Under the "fiance/fiancee scheme", he had been eligible.
However, couples have to remain eligible within the first 5 years
after they have collected the keys to their ECs. His was not
completed. He could not sell his EC as he "and his
wife" had not occupied it for a minimal period of 5
years.
The Developer Vendor terminated the Sales & Purchase
Agreement, forfeited and retained the 20% of the purchase
price from the instalments (excluding payments for interest)
previously paid by the Purchaser. The Vendor sold it for
$472,000. DBS Bank recalled the mortgage loan. The Ministry of
National Development did not accede to his request to buy the EC
or for the developers to return the
deposit.
Mr Teo could not use his parents or brothers as co-applicants.
His parents were not eligible as they had previously sold a
direct-purchased flat and are currently lessees of a HDB flat. His
brothers were under 35 years old and could not qualify under the Joint
Singles Scheme.
He prevented the Vendor from selling by keeping the caveat
(a claim on a property registered with the Singapore Land
Registry) but withdrew when he would be sued if he persisted. He
was advised that the success rate of his civil action would
be 50-50. Legal costs could be as high as $50,000 and he would
have to pay the other parties' legal cost if he lost.
Fortunately, he did not have the repay the $40,000 CPF Housing
grant given to Purchasers who buy properties near their
parent's home.
A lawyer said that the contract had the rights and obligations.
The obligations were to be eligible under the fiance/fiancee
scheme.
Investors ECs and HDB apartments need to be aware of the
implications of the obligations as there are several, not found in
the investment of private properties.
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#01-1477,
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