Lush Acres EC | Sengkang EC

On July 2, 2013, in Lush Acres EC, by Admin

Lush Acres is completely SOLD OUT.

Next to Lush Acres, a private condominium called Riverbank @ Fernvale will be launching for sale February 2014. Pricing will be one of the lowest for a new private condo. For exact location, see Riverbank condo location.

Lush Acres EC

Sengkang EC @ Fernvale . Near Punggol Reservoir . CLICK TO ENLARGE

 
Lush Acres EC is an upcoming executive condominium by City Developments (CDL). Located at the junction of Sengkang West Way and Fernvale Link just just a short walk from Punggol Reservoir and Sengkang Riverside Park. Its name reflects the soothing lushness of its site close to nature parks.

It also reflects the environmentally-green and low-density nature of this development. Only 22% site coverage, with only 380 units, so there is plenty of green space and water features.

Highlights around Lush Acres EC include Seletar Mall 6 minutes walk away, Greenwich V & the Jalan Kayu eateries down the road, and the Seletar Aerospace Park across the TPE (Tampines Expressway) close by.

Previously launched Sengkang executive condominiums (like Esparina, Austville and Topiary) have been rather popular, and are all sold out. If you missed getting a unit before, you might want to Apply for Lush Acres.

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Lush Acres Executive Condominium

Artist’s Impression :: Lush Acres Sengkang Executive Condominium

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Highlights of Lush Acres Sengkang EC

 
. Established premium developer City Developments Limited known for quality projects.

. Lush Acres EC is a beautifully designed EC with some unique features.

. Only 380 residential units – less crowded and more exclusive feel.

. This Sengkang EC will be one of the most reasonably priced new executive condominiums.

. 6 minutes walk to Seletar Mall.

. 3 minutes drive to TPE leading to CTE & KPE. Just 15 – 20 minutes off-peak to Suntec City.

. Fresh breezes from the seafront. Kite enthusiasts abound in Sengkang for good reason!

. Full & extensive condominium facilities with a 100m lap pool (double Olympic pool length).

. Farming facilities via an ‘AgriCube’, a climate controlled cabin for hydroponic & organic farming.

. 5 – 10 minutes walk to Punggol Reservoir, Sengkang Sports Complex & Sengkang Riverside Park.

Tap on its numerous outdoor activities, water sports (kayaking, jet-skiing, scuba-diving), gardens & parks with cycling & jogging tracks by the reservoir. Hang out at the promenades & waterside al-fresco cafes.

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Economics of Lush Acres EC

 
. 15 to 20% (ie. around $200K to $300K) cheaper than similar new private condominiums.

. No COV (cash you pay above valuation of the flat; often more than the 5% EC deposit)

. First time buyers are eligible for $30,000 CPF housing grant.

. No resale levy payable for 2nd timer buyers.

. Agents do not charge buyers any fee or commission (unlike for HDB resale flats).

The Seletar Aerospace Industry Cluster nearby, and Tampines & Changi Business Parks accessible via the TPE, provide good resale and rental catchments after the 5 year MOP.

Historically of all residential property types, executive condos have achieved the most capital appreciation. Not only do they move in tandem with the general capital appreciation of the overall market, but they also enjoy greater gain as they close the gap with prices of private condominiums from the 5th year onwards.

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Lush Acres EC Sale Launch | E-Application

Now open for registration for the e-application and balloting.

To register your interest or find out eligibility to purchase or documents required, please email us at Lush Acres EC Contact Form.

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Lush Acres Sengkang EC Buying Guide

On July 7, 2013, in Lush Acres EC, by Admin
Sengkang EC FAQ (Frequently Asked Questions)

 
When is Lush Acres Sengkang EC open for booking?

E-Application Period: 13 July (Saturday) – 21 July 2013 (Sunday)
(E-Applications are similar to applications for HDB flats, except that it is free of charge and there is no penalty at all if you decide not to proceed even after balloting. Please contact us for details.)

Release of Ballot Results: 7 August 2013 onwards

Showflat Open for Viewing: Sat 27 – Sun 28 July & Sat 10 – Sun 11 August 2013

Price Release Date: 15 August (Thursday) and 16 August 2013 (Friday)
(Price list will be available for viewing on the above stated dates)

Booking Day: 17 August 2013 (Saturday)

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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.

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Am I eligible to buy this Sengkang 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 Lush Acres EC Eligibility Guide or the HDB Guide.

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Can I buy this Sengkang 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 Sengkang EC.

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When can I sell or rent out my Sengkang 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.

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What makes this Sengkang EC a good buy?

Though subject to EC purchase & sale restrictions, Lush Acres EC is:
. 15 to 20% cheaper than private condos.
. You still get a condominium with full facilities (100m pool, gym, etc) & finishes and fittings.
. By CDL, a top developer with excellent track record for premium quality and efficient design.

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What other benefits do buyers of this Sengkang 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.

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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.

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What’s the payment schedule like for Lush Acres 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 Sengkang EC. So your mortgage instalments only start then.

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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 unit of choice directly from the developer, without charging you anything.

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For queries or to register interest, please Email Us.

 

Lush Acres EC Eligibility Guide

On July 6, 2013, in Lush Acres EC, by Admin

Lush Acres HDB Eligibility Conditions

As Lush Acres is an Executive condominium, you must meet HDB’s eligibility conditions in order to buy a unit. If you need help to assess your eligibility, please send your query via the Contact Form.

Source: HDB website (www.hdb.gov.sg) EC Eligibility Criteria

Citizenship
  • Main applicant must be a Singapore Citizen
  • Family nucleus in the application must have at least one other Singapore Citizen or Permanent Resident.
Age
  • All applicants must be at least 21 years old at time of applying for Lush Acres EC
  • If applying under the Joint Singles Scheme, both must be at least 35 years old
Family Nucleus

You must form a family nucleus under one of the schemes listed here:

  • Public Scheme
    You (the applicant) and;
    * Your spouse, and children (if any)
    * Your parents, and siblings (if any)
    * Your children under your legal custody (if you’re widowed or divorced)
  • Fiance/Fiancee Scheme
    You (the applicant) and your fiancee/fiance
  • Orphan Scheme
    You (the applicant) and;
    * Your unmarried brothers/sisters, or
    * Another single unrelated orphan
  • Joint Singles Scheme
    You (the applicant) and another single person
Income Ceiling
  • Your total monthly household income must not exceed SGD$12,000
Ownership of Private Property

You, your spouse, & any occupiers in this application, and their spouses, must not own or have disposed of, or have any part or interest in any other flat, house, building or land. #
* Within 30 months before the date of application, and
* Between the application date and the date of taking possession of Lush Acres EC.

# Includes but not limited to:
  . HUDC flats (Privatised and Non-Privatised)
  . Properties acquired by gift
  . Properties inherited as beneficiaries under a will or as a result of the Intestate Succession Act
  . Private properties
  . Properties owned/acquired/disposed through nominees regardless of properties location

Owners/Ex-owners of HDB flats / DBSS flats / EC units

Each eligible Singaporean household can buy the following housing unit only twice:

  • a flat from the HDB;
  • a resale flat with the CPF Housing Grant #;
  • a DBSS flat from developer;
  • an EC unit from developer.

# Only applicable for first-timer applicants

If you have already bought two such housing units, you will not be eligible to apply or be listed as an essential occupier in any application for this Sengkang EC.

Definition of First-timer Applicants

You and the essential family members listed in the application for purchase of the flat must NOT:

  • Own a flat bought direct from HDB, a DBSS flat or an Executive Condominium from developer
  • Have sold a flat bought direct from HDB, a DBSS flat or an EC bought from the developer
  • Have received the CPF Housing Grant for the purchase of an HDB resale flat
  • Have taken other forms of housing subsidy (e.g. SERS, privatisation of HUDC estate, etc)

70% of Lush Acres units will be set aside for first-timers during the initial launch period.

Definition of Second-timer Applicants

You or essential family members in your application have owned/sold or are currently owners of:

  • Any HDB flat that was bought from HDB, or
  • Any resale flat that was bought under the CPF Housing Grant Scheme, or
  • A DBSS flat or an EC bought from the developer, or
  • Have enjoyed other forms of housing subsidy (e.g. SERS, privatisation of HUDC estate, etc.)

Second-timers are not required to pay a Resale Levy

Existing Owner or Ex-Owner

Are you, your spouse or any of the essential occupiers listed in the application an existing owner or ex-owner of a:
* Flat bought directly from HDB
* DBSS flat bought from the developers
* Resale flat bought under the CPF Housing Grant Scheme

If you belong to any of the above categories, you may apply to buy Lush Acres EC on condition that a 5-year period (excluding any period of subletting of the whole flat) has lapsed from the #date of taking possession of the flat to the date of application for the new Sengkang EC.

# The date of taking possession refers to following dates (whichever is applicable):
  . Date of key collection, for flats that are bought direct from HDB
  . Date of resale completion, for resale flats from open market bought with CPF Housing Grant
  . Date of transfer at market value of the flat bought with CPF Housing Grant
  . Date of key collection for EC/DBSS flats bought from the developer

Ex-owners of an EC

Are you, your spouse or any of the essential occupiers listed in the application an ex-owner of an Executive Condominium bought directly from the developer? If yes, you would need to meet a 5-year period from the date of taking possession of the earlier Executive Condominium.

30-Month Period
In addition, you need to wait out a 30-month period from the effective date of disposal (i.e., date of legal completion of the sale of their Executive Condominium, evidenced by the Notice of Transfer or such other documentary evidence as HDB may require) of the Executive Condominium before you can apply to buy Lush Acres EC.

Essential Occupiers

You or any person listed the application must not be currently listed as an essential occupier of:
* An existing HDB flat bought directly from HDB,
* A DBSS flat bought under the CPF Housing Grant Scheme, or,
* A resale flat bought under the CPF Housing Grant Scheme

However, an essential occupier may apply or be included in an application only if he has stayed in the existing flat for 5 years from the #date of taking possession of the existing flat to the date of application for this Sengkang EC.

# The date of taking possession refers to:
  . The date of key collection, for flats that are bought directly from HDB
  . The date of resale completion, for resale flats from open market bought with CPF Housing Grant
  . The date of transfer at market value of the flat bought with CPF Housing Grant
  . The date of key collection for EC/DBSS flats bought from developer, whichever is applicable.

New flat buyers who cancelled their applications after booking a flat

If you book a flat from the March 2012 Build-To-Order and Sale of Balance Flats Exercises onwards and subsequently cancel the flat booking, you will have to meet a 1-year period from the date of cancellation before you can apply or included as an essential occupier in an application for a:

  • new HDB flat
  • DBSS flat from developers
  • Executive Condominium unit from the developers
  • resale flat with CPF Housing Grant
  • resale flat that has been announced for SERS
Divorcees

Within three years from the date of the divorce, only one party in the divorce can own one of the following housing units:

  • a flat bought directly from the HDB
  • a DBSS flat / EC bought directly from a private developer
  • a resale flat bought from open market under the CPF Housing Grant Scheme

If you have an existing matrimonial home, which is one of the above, and that home is retained by your ex-spouse, you may apply to buy or be listed as an essential occupier in any of the above housing unit only three years after your date of divorce.

However, this three-year wait out period will not apply if you are buying any of the above homes with your parents or a new spouse, or if you are buying a resale flat from the open market without the CPF Housing Grant.

If there is no matrimonial home or the matrimonial home was bought from the open market without any CPF Housing Grant, you may apply for any of the above housing units after you get your ex-spouse’s consent not to own or be listed as an essential occupier in any of the above housing units within the three-year period from the date of divorce.

The requirement for ex-spouse’s consent is waived if you are buying any of the above housing units with your parents or a new spouse or if you are buying a resale flat from the open market without the CPF Housing Grant.

The requirement to seek ex-spouse’s consent during the three-year period from the date of divorce is also waived if you meet the following conditions:

  • All your children are below 18 years old at the date of divorce; and
  • You have the legal custody of all your children and are also the only parent with the care and control of all your children.
Person Who Has Bought an EC/DBSS Flat with CPF Housing Grant

A person who bought an EC or DBSS flat with CPF Housing Grant and terminated the Sale and Purchase Agreement may apply to buy Lush Acres EC.

However, this is allowed on the condition that a 5-year period has lapsed from the termination date of the Sale & Purchase Agreement of the earlier EC or DBSS flat purchase, to the date of application for the EC.

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Conditions after Purchase of Lush Acres EC
Selling of current HDB / DBSS flat in the open market

If you currently own an HDB / DBSS flat, you and/or your spouse must dispose of the flat within 6 months from the date of issuance of the Temporary Occupation Permit in respect of this Sengkang EC.

If you intend to apply to purchase Lush Acres EC where the Temporary Occupation Permit for the EC has been issued, you will be required to dispose of your existing HDB / DBSS flat within 6 months from the date the Developer sends you the Notice of Vacant Possession.

Enjoyment of Subsidy

You and your spouse will be considered as having enjoyed a housing subsidy when you buy a Lush Acres executive condo unit from the developers under the CPF Housing Grant Scheme.

Minimum Occupation Period (MOP)

Sale of Lush Acres Executive Condo
You have to occupy your Sengkang EC for at least 5 years before you can sell it on the open market.

Essential occupiers in Lush Acres Executive Condominium
Occupiers who are essential in forming a family nucleus with you in the EC application must continue to be listed in the application and stay in the EC during the 5-year minimum occupation period.

They cannot make a separate application, or be listed as occupiers in another application to buy an HDB flat or another EC within the MOP.

Buying another subsidised housing

If you sell your Sengkang EC unit in the open market, you must wait for 30 months after the sale before you can submit an application to buy:
* a new flat from HDB
* an apartment under Design, Build and Sell Scheme (DBSS) from developers
* another EC from developers

Resale Levy

You are liable to pay a resale levy of $55,000 when you buy a second subsidised flat from HDB or take over ownership of a subsidised HDB flat after selling Lush Acres EC if you bought it under the CPF Housing Grant Scheme (after meeting the 5-year Minimum Occupation Period (MOP) and the 30-month period).

If you do not intend to buy a second subsidised flat from HDB, for example, if you are buying a resale flat, a new DBSS flat, an EC from the developer, or a private residential property, you need not pay the resale levy.

Interest in Private Property

You cannot invest in private residential property during the 5-year minimum occupation period.

Source: HDB web site