Eyeing an EC? Catch this seminar
AN ELDERLY married couple who were looking to upgrade from their five-room Housing Board flat to an executive condominium (EC) nearly missed making the purchase.
They did not realise that the Sale and Purchase (S&P) Agreement from the developer had to be exercised within three weeks.
Instead, they confused it with the nine-week deadline for the balance downpayment. They turned to Anthony Law Corporation to sign their S&P Agreement only on the 23rd day.
Fortunately, managing director Anthony Lim and his company managed to salvage the situation. They secured an extension from the Development Control Group of the Urban Redevelopment Authority, and were given three more days by the developer to exercise the S&P Agreement.
But Mr Lim warned: "Not every case is like that, and some cases cannot be saved."
This is why he feels it is important for buyers to know the legal process when purchasing an EC, and to manage their expectations and be aware of their tax obligations.
Mr Lim will address these issues at the My Paper Advance seminar on Aug 17.
The seminar, titled "Key considerations in buying an EC", is timely because a slew of new offerings is set to hit the market, another expert said.
The pent-up supply is due to the lack of EC launches in the past several months, said Nicholas Mak, executive director of property consultancy firm SLP International.
"There could potentially be around five projects launched in the next five to six months after the (ongoing) Hungry Ghost month," he added.
Aside from giving an outlook on the EC market, Mr Mak will touch on price trends, as well as the supply and demand for ECs, at the seminar.
Other speakers include Eugene Lim, key executive officer of ERA Realty Network, who will cover the criteria to qualify for an EC, as well as reasons to buy one.
Kenny Tan, head of channel strategy and business alliance at OCBC Bank, will discuss the financial considerations of purchasing an EC.
The seminar will take place at the SPH News Centre Auditorium in Toa Payoh from 2pm to 5pm.
Visit pbp.sph.com.sg/mpadv for registration and more details. There is a registration fee of $5, and light refreshments and a goodie bag for attendees.