List of EC Without Resale Levy.
The second-timer applicants who’ve got BTO flats or resales flat with grant before, and second -timer applicants who obtains EC units direct from developers will need to pay a resale levy. However, the brand new requirement will be imposed on EC property land sales launched on or after December 9, 2013 including the ones that have closed their tenders yet.
The brand new measure executed on 09 December 2013 will affect the 2nd Timer applicants the most for these Executive Condo development. The EC affected by resales levy will be Westwoods EC, the Vales EC, Brownstone EC, Sol Acres EC and Signature at Yishun EC that have launched in 2015.
There are different scenarios whereby a resale levy is payable/not payable. The amount of levy payable will depend on the date you have sold your first subsidy flat.
|Resale application to sell your first subsidised flat was received:||Payment Options|
|On or after 3 March 2006||The amount payable according to the flat type of your first subsidised flat:
*Buyers of short lease 2-room flat will pay a prorated amount base on the lease of their 2-room flat.
|Between 19 May 1997 and 2 March 2006||The amount is based on the resale price or 90% of the market valuation of your first subsidised flat, whichever is higher. An accrued interest of 5% a year (up to the month payment is made) if you opted to defer the payment of the resale levy. The accrued interest will be calculated from the point resale of your first subsidised flat to the date you pay the resale levy.
* 2-room flat sellers pay a lower rate, that is, only 10% if they buy a bigger flat direct from HDB.
|Before 19 May 1997||If you sold a flat during this period, you were given two options at the point when you sold your first subsidised flat:
The amount is based on the resale price or 90% of the market valuation of your first subsidised flat, whichever is higher. An accrued interest of 5% a year (up to the month payment is made) if you opted to defer the payment of the resale levy.
Paying the resale levy
The resale levy payable is determined at the point you book your second subsidised flat. Payment can only be made by way of your flat sale proceeds and/ or cash.
When and how payment is made
|Flat Sale Timeline||Resale Levy Payment|
|First subsidised flat sold after taking possession of the second subsidised flat||
|First subsidised flat sold before taking possession of the second subsidised flat||
Source: Property Home Search
You can refer to HDB resales levy for more info or dial 65 63030574 / Email: firstname.lastname@example.org for any EC enquiry