Living in an exclusive executive condominium such as Piermont Grand, EC is a great choice, but first you need to know the eligibility criteria for purchasing your unit without a problem. Even though the developer sells the EC, the following rules are set by the HBD (Housing and Development Board).
You need to be at least 21 when applying for your unit. However, if you intend to apply as a single person under the Joint Singles Scheme, then you must be at least 35 years old.
Here things get a little more complicated: Thus, if you are the main applicant, you must be a citizen of Singapore.
The same applies for at least one other member of your family, who must be either a Singapore citizen or a Permanent Resident. If applying under the Orphan Scheme (see below), at least one of the parents who have passed away must have been a citizen or a Permanent Resident of Singapore.
As for selling your Piermont Grand, EC property, you can do so only after five years and only to citizens or Permanent Residents. In case your prospective buyer is a foreigner, you would need to wait 10 years from the completion of the EC to sell it to them.
-Occupancy and ownership:
As mentioned previously, you have to occupy an EC that you purchased directly from a developer for at least five years, without selling or renting it in its entirety.
There are some ownership criteria that all buyers must follow before purchasing their own EC.
Thus, you must not own any private properties, either in Singapore or in other countries, and must not have sold any property in the past 30 months. Finally, you must not have previously bought more than one EC.
There are several schemes you can apply under, namely:
-Public Scheme (you plus your spouse and any children, or you plus your parents and any siblings, or you and your children)
-Fiance/ Fiancee Scheme (you and the person you are engaged to)
-Orphan Scheme (you and your orphan, single siblings, or you and another single orphan)
-Joint Singles Scheme (a maximum total of 4 co-applicants who are not currently married)
Alternatively, you can apply for dual key ECs as a multi-generation family, comprised of either you with your spouse/ fiance / fiancee and parents/ grandparents, or you as a widowed or divorced person with your children and parents/ grandparents.
Regardless of the type of scheme that suits your situation, it is important to note that you won’t be able to make changes to the people listed in your Piermont Grand, EC application after sending it in.
To qualify for an HDB EC, the monthly income of your household must not be over $14,000 SGD.
It is worth reading carefully all the pre-requisites to make sure your application for a Piermont Grand, EC unit won’t be rejected. You can even request a preliminary assessment of your situation for your peace of mind.