The Vales EC FAQ (Frequently Asked Questions)
When did the Vales EC open for booking?
Showflat Viewing: Started 3 July 2015
Preview Balloting: 18 July 2015
Booking: From 18 July 2015 onwards
If you would like to register for the showflat viewing, or do the e-application to register interest, just drop your contact details here.
Artist’s Impression . The Vales EC Pool
What must I do to book a unit at the Vales EC?
You must fill in an application form and submit the necessary documents. If you drop us your contact details here, we will help you check your eligibility and arrange for your application.
Applications must be registered at the showflat computers (the only official e-application system), that are linked to the HDB system, in order to get a ballot number.
Note: Applications cannot be done via HDB website. Websites with online e-application forms are also NOT linked to the HDB system either.
Am I eligible to buy the Vales 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 $14,000.
. 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 short answer; for detailed criteria including what defines a family nucleus, see The Vales EC Eligibility.
Can I buy the Vales EC if I currently own a HDB flat?
Yes, if you
. Have not bought a flat direct from HDB or 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.
. If your resale flat was bought without a grant, you must fulfil your MOP before the Parc Canberra EC gets TOP.
You must also sell off your current HDB flat within 6 months of TOP of the Vales EC.
When can I sell or rent out my Vales 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.
What benefits do 1st Timer Buyers get?
. May be eligible for the CPF housing grant, up to $30,000 to help pay the 15% downpayment.
. Get priority in selecting a unit (70% of the units are reserved for 1st timers in first month).
Can 1st Timer Buyers ‘keep’ the Housing Grant for next BTO / EC purchase instead?
- No. The CPF Housing Grant cannot be kept for the next BTO / EC purchase.
- Furthermore, even if you don’t take the grant this time, you will still be subject to the resale levy if you buy a BTO / new EC in future.
- So if you are eligible, do avail yourself of the CPF Housing Grant now for Parc Canberra.
See details on the amount of CPF Housing Grant, and eligibility, at this link (opens in new window).
What benefits do 2nd Timer Buyers get?
- Buyers with existing housing loan may still get up to 80% loan even if you have an existing housing loan (unlike for private condos).
- Not affected by the CPF Minimum Sum rule when using your CPF funds.
What’s the payment schedule like for the Vales EC?
If you opt for Normal Payment Scheme (NPS):
- 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. This 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.
If you opt for Deferred Payment Scheme (DPS) (purchase price is around 2 to 3% higher):
- First 5% cash (via a cheque) at time of booking the unit.
- Next 15% within 9 weeks (typically) of booking the unit. This 15% may be from CPF Housing Grant, or from CPF funds, or from cash.
- Neither you nor the bank (if you are taking a loan) pays anything till the project completes. At that point, upon TOP, you / your bank will need to pay another 65% of the purchase price. Your mortgage repayments therefore start at this point, based on whatever the bank disburses.
Do I have to pay any admin charges or commissions or agent fees?
No, no charge at all. We are here to provide you all the information, and help you book your unit of choice at directly from the Vales EC developer, at no charge. No obligation either.
THE VALES EC . E-APPLICATION . SHOWFLAT VIEWING
For queries on any of the above, or to register interest in updates, please email us here.
Park Place Residences @ Paya Lebar MRT Interchange station . Expected to launch for sale in Quarter 4 2016 . 3 Blocks with full Condominium facilities in generous landscaped grounds . The residential section of Paya Lebar Quarter Mixed Development that includes Retail Mall & Offices . Developed by the Lendlease Group
THE OLA EC SHOWFLAT . AN EXECUTIVE CONDO BY EVIA & GAMUDA
Vales EC has completely sold out, and there are no more units available for sale from the developer. However, right next to the Vales EC site, another executive condominium, the Ola EC will be launched for sale, likely in early 2020.
This upcoming executive condo is being developed by a joint venture between Evia Real Estate and Gamuda Berhad. Both developers have their roots in Malaysia, where they are quite big real estate players. They were the top bidders for the parcel of land on which the Ola EC will be built.
While both companies do not have a lot of projects under their belt in Singapore, they are not without local real estate experience either. The Ola executive condo will have to abide by the eligibility rules for all ECs too.
Response is expected to be good as there has not been an EC launch in Sengkang since Rivercove sold out too, in 2018. So interim period of 2 years should be enough to build up demand for the Ola EC showflat opening and VIP Preview.
Potential buyers will need to fill in an e-application form, similar to the one for Vales EC. Do note however that the Ola EC will be further away from Sengkang Town Centre and MRT station.