Westwood Residences EC . FAQ (Frequently Asked Questions)
When is the Westwood Residences EC open for booking?
TARGET PREVIEW DATES (Subject to Change)
Showflat Viewing: 15 – 24 May 2015
E-Application: 15 – 24 May 2015
Release of Price List: 27 May 2015
Balloting & Booking: 30 May 2015
If you would like to register for the showflat viewing, or do the e-application to register interest, just drop your contact details here.
What must I do to book a unit?
You must fill in an application form and attach the necessary documents. If you drop us your contact details here, we will help you check your eligibility and arrange for your Ola EC application.
Note: Application cannot be done via HDB website.
Am I eligible to buy Westwood Residences 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 Westwood Residences EC Eligibility.
Can I buy Westwood Residences 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 this Westwood EC gets TOP.
You must also sell off your current HDB flat within 6 months of TOP of this new Ola EC.
When can I sell or rent out my Westwood EC unit?
. Can be sold to Singapore citizens or PRs after 5 years. Or rented out to anyone then.
. Fully privatized after 10 years. Your Ola EC unit can then be sold to anyone, including foreigners or developers.
What benefits do Westwood Residences EC buyers 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 (70% of the units are reserved for 1st timers in first month).
See details on the amount of CPF Housing Grant, and eligibility here (opens new window).
2nd Timer Buyers
. Buyers with existing housing loan may still get up to 80% loan (unlike for private condos).
What’s the payment schedule like for Westwood Residences EC?
If you opt for Normal Payment Scheme (NPS):
- First 5% cash (via a cheque) at time of booking the unit at the Ola EC showflat.
- 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 Ola EC 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 developer, at no charge. No obligation either.
WESTWOOD RESIDENCES EC . E-APPLICATION . SHOWFLAT VIEWING
For queries on any of the above, or to register interest in updates, please email us here.
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