Steps to owning an Executive Condominium (EC)

The sequence of events in owning and selling an Executive Condominium (EC) typically unfolds as follows:

1. Year 1: Place Deposit for Purchase
   • Prospective buyers place a deposit with the developer to secure a unit in the new EC development.
2. Year 1 - 3: Construction Phase
   • The EC undergoes construction and development during this period.
3. Year 3: Temporary Occupation Period (TOP)
   • Upon completion of construction, the development obtains the Temporary Occupation Permit (TOP).
   • Buyers can then collect the keys to their newly completed EC units.
4. Year 3 - 8: Minimum Occupation Period (MOP)
   • Owners are required to fulfill the Minimum Occupation Period, typically lasting five years from the issuance of the TOP.
   • During the MOP, owners are restricted from selling or renting out their EC units to non-citizens or permanent residents.
5. Year 8: End of MOP
   • After the MOP is completed, owners gain the option to sell their EC units.
   • At this stage, owners may choose to sell their EC units on the open market to eligible buyers, including Singaporeans, Permanent Residents, and foreigners who meet certain criteria.
   • Alternatively, owners may decide to continue residing in their EC units or explore other options such as renting out the property.

This sequence outlines the key milestones and restrictions associated with owning and selling an Executive Condominium in Singapore.