Choa Chu Kang EC launch by CITY DEVELOPMENTS LTD (CDL) & TID PTE LTD
The Rainforest EC is an upcoming executive condominium in the north-west of Singapore. Called the Rainforest because it actually uses natural trees on the site in the landscaping.
This executive condo is just 6 minutes walk from Choa Chu Kang MRT Station & Lot 1 Shopping Mall. (The last time a new EC in the west was launched so close to an MRT station was 2003, so demand for this CCK EC should be good.)
Condominiums that are within a short walk of an MRT station or town center are usually very popular (eg. Esparina, Prive, Lakefront Residences). Very convenient for staying in, easier to re-sell or rent out later, and typically have greater capital appreciation potential (eg. Bishan Loft).
To be kept posted on details or to register interest, just Email The Rainforest.
Key Reasons to buy The Rainforest CCK EC
. 6 minutes walk to Choa Chu Kang MRT station: 25 mins to city when Downtown Line 2 opens 2015
. 6 minutes walk to Choa Chu Kang Bus Interchange.
. 5 minutes walk to Lot 1 Shopping Mall (Fairprice supermarket, public library, SHAW cineplex, etc).
. Full condominium facilities comparable to private condos. Premium fittings: Kohler, Electrolux, Blum.
. By a top local developer City Developments renowned for excellent quality & design.
The design of the Rainforest EC is beautiful. The blocks step down towards the greenery across the road. The landscaping and water features are interwoven organically around the blocks, with pools, spa pools and bio-ponds. Most blocks get some pool view or open view.
A lot of attention is paid to details, like sliding doors for all wardrobes, pull-out ledge in the kitchen, basement carpark with direct lift access to all units (more expensive to build), and the tennis court & bin centre & substation tucked in one corner away from the apartments. Choice of 2 color schemes.
The quality of finishes is high, and bedrooms are spacious (especially master bedrooms with walk-in wardrobes). Evokes a luxurious feel.
Financial Considerations for The Rainforest EC
. 1st timer buyers are eligible for the $30,000 CPF housing grant.
. 2nd timer buyers do not need to pay resale levy.
. No COV (Cash Over Valuation; often more than enough to pay the 5% booking fee for an EC).
. No agent commission or fee to pay.
Of all residential property types, executive condominiums have been found to achieve the highest capital appreciation. Besides matching the capital appreciation of the overall market, they also enjoy additional gains as they move to close the gap with private condos from the 5th to 10th year. Those near MRT stations appear to benefit even more.
The Rainforest EC Sale Procedure
Currently open for viewing and booking.
Please Email Rainforest EC for showflat viewing or any queries.
FAQ (Frequently Asked Questions)
When is the Rainforest launch date?
The Rainforest Launch Date
E-Applications scheduled to start 5th January 2012. Do email us if you would like details.
What must I do to book a unit at this new EC at CCK?
Email Rainforest EC for the application form. (Application cannot be done via HDB website.)
We will subsequently have to do an eligibility check during the e-Application before you can proceed to book a unit.
Am I eligible to buy a unit at the Rainforest @ Choa Chu Kang?
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 $12,000.
. 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 quick answer; for detailed criteria, see New EC Launch Eligibility.
Can I buy this new EC at CCK 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.
. Will have fulfilled your MOP before this EC gets TOP, if your resale flat was bought without a grant.
But you must sell off your current flat within 6 months of TOP of this new EC at CCK.
When can I sell or rent out my Rainforest 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 makes this new EC at CCK a good buy?
Though subject to EC purchase & sale restrictions, The Rainforest @ Choa Chu Kang is:
. Probably 15 to 20% cheaper than private condos.
. Near MRT = greater potential for capital gain, as value rises closer to private condos after 5th year.
. You still get a condominium with full facilities (pool, gym, spas, etc) & finishes and fittings.
. By CDL, a top notch developer with a well-earned reputation for excellent quality & design.
What other benefits do buyers of the Rainforest @ Choa Chu Kang 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 your unit of choice (95% of units are reserved for 1st timers in first month).
2nd timer buyers
. No longer need to pay a resale levy (since 2009).
Buyers with existing housing loan can still get up to 80% bank loan by opting for Deferred Payment Scheme.
What is the difference between EC vs DBSS flats?
. Slightly cheaper. Perhaps up to 20% cheaper depending on location.
. Maximum household income ceiling is $10,000 to buy a unit.
. You can take a HDB loan if your monthly household income is not more than $8,000.
. No facilities.
. Essentially a premium HDB flat that comes with finishes & fittings. You don’t own the land.
. Slightly higher price, but potential capital gain may far outstrip the difference in price.
. Maximum household income ceiling is $12,000 to buy a unit.
. No HDB loan; use bank loan instead.
. Full condominium facilities inclusive of security (gated community).
. Essentially a condo. You co-own the land & communal facilities.
. Privatized ie. become private condo after 10 years. May even sell en-bloc to developers eventually.
Do I have to pay any admin charges or commissions or agent fees?
No, no charge at all. We will gladly provide you all the information, and help you book The Rainforest @ Choa Chu Kang directly from CDL, without charging you anything.
What’s the payment schedule like for The Rainforest @ Choa Chu Kang?
For details on payment schedule & financing, see The Rainforest EC Pricing.
If NOT currently paying off a housing loan or if you opt for Deferred Payment Scheme:
- First 5% cash (via a cheque) at time of booking your new EC at CCK.
- 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 currently paying off a housing loan:
- First 5% cash (via a cheque) at time of booking your new EC at CCK
- Next 15% within 9 weeks (typically) of booking the unit. Of this 5% must be from your own cash, and the remaining 10% can be from CPF Housing Grant (if eligible), or from CPF funds, or from cash.
- When foundation works complete, another 10% is payable to the developer. This can be from CPF funds, or cash.
- When reinforced concrete (RC) framework is completed, another 10% is payable to the developer. This can be from CPF funds, or cash.
- The remaining 60% can be from CPF funds, bank loan, or cash. This is payable progressively, which means that you (or the bank if you take a loan) pays out the money as and when construction work reaches certain stages. So if you take a loan, your monthly instalments start small and slowly increases.
For queries or to register interest or updates on the Rainforest launch date, please email to The Rainforest EC.
HDB Eligibility Conditions for New EC Launch . Singapore
As The Rainforest is an Executive condominium, you must meet HDB’s eligibility conditions in order to buy a unit at this new EC launch. If you need help to assess your eligibility, please send your query using the Contact Form.
Source: HDB web site (www.hdb.gov.sg)
- Main applicant must be a Singapore Citizen
- Family nucleus in the application must have at least one other Singapore Citizen or Permanent Resident.
- All applicants must be at least 21 years old at time of applying for The Rainforest EC
- If applying under the Joint Singles Scheme, both must be at least 35 years old
You must form a family nucleus under one of the schemes listed here:
- Public Scheme
You (the applicant) and;
* Your spouse, and children (if any)
* Your parents, and siblings (if any)
* Your children under your legal custody (if you’re widowed or divorced)
- Fiance/Fiancee Scheme
You (the applicant) and your fiancee/fiance
- Orphan Scheme
You (the applicant) and;
* Your unmarried brothers/sisters, or
* Another single unrelated orphan
- Joint Singles Scheme
You (the applicant) and another single person
- Your total monthly household income must not exceed SGD$12,000
You, your spouse, & any occupiers in this application, and their spouses, must not own or have disposed of, or have any part or interest in any other flat, house, building or land.
* Within 30 months before the date of application, and
* Between the application date and the date of taking possession of the Rainforest EC.
Each Singaporean household is allowed to buy the following housing types only twice:
* a flat directly from HDB;
* a resale flat with the CPF Housing Grant;
* a DBSS flat from a developer;
* an EC apartment from a developer.
If you’ve already bought two such apartments, you cannot apply for, or be listed as an essential occupier in an application to buy a unit at this new EC launch.
You and any essential family members listed in your application to buy the flat do NOT:
* Own a flat bought direct from HDB, DBSS flat or Executive Condo bought from developer
* Have sold a flat bought direct from HDB, DBSS flat or Executive Condo bought from developer
* Have received the CPF Housing Grant for the purchase of an HDB resale flat
* Have enjoyed other forms of housing subsidy (eg. SERS, privatisation of HUDC estate, etc)
95% of The Rainforest units will be set aside for first-timers during the initial launch period.
You or the essential family members in your application have owned/sold or are currently owners of:
* Any HDB flat that was bought from HDB, or
* Any resale flat that was bought under the CPF Housing Grant Scheme, or
* A DBSS flat or an EC bought from the developer, or
* Have enjoyed other forms of housing subsidy (eg. SERS, privatisation of HUDC estate etc.)
Second-timers buying the Rainforest EC are not required to pay a Resale Levy
* Flat bought directly from HDB
* DBSS flat bought from the developers
* Resale flat bought under the CPF Housing Grant Scheme
If you belong to any of the above categories, you may apply to buy The Rainforest on condition that a 5-year period (excluding any period of subletting of the whole flat) has lapsed from the #date of taking possession of the flat to the date of application for this new EC launch.
# The date of taking possession refers to following dates:
* Date of key collection, for flats that are bought direct from HDB
* Date of resale completion, for resale flats bought from open market with CPF Housing Grant
* Date of transfer at market value of the flat bought with CPF Housing Grant
* Date of key collection for EC/DBSS flats bought from the developer
Are you, your spouse or any of the essential occupiers listed in the application an ex-owner of an Executive Condominium bought directly from the developer? If yes, you would need to wait 5 years from the date of taking possession of the earlier Executive Condominium before applying for this new EC launch.
In addition, you need to wait out a 30-month period from the effective date of disposal (i.e., date of legal completion of the sale of your Executive Condominium, evidenced by the Notice of Transfer or such other documentary evidence as HDB may require) of the Executive Condominium before you can apply to buy a unit at this new EC launch.
Any person applying to buy this CCK EC or be listed as an occupier must not currently be listed as an essential occupier of:
* An existing HDB flat bought directly from HDB,
* A DBSS flat bought under the CPF Housing Grant Scheme, or,
* A resale flat bought under the CPF Housing Grant Scheme
However, you may be eligible if you have stayed in the existing flat for at least 5 years from the #date of taking possession of the existing flat to the date of application for a new flat.
A divorcee may apply to buy Rainforest executive condo or be listed as an occupier after 5 years from the date the divorce is made absolute to the date of application for a new flat if the matrimonial flat was:
- Bought directly from HDB,
- A DBSS flat bought under the CPF Housing Grant Scheme, or
- A resale flat bought from open market under the CPF Housing Grant Scheme
However, the 5 years period will not apply if:
* The matrimonial flat was bought from the open market without any CPF Housing Grant
* Applicant is applying for the flat with parents or new spouse
A person who bought an EC or DBSS flat with CPF Housing Grant but terminated the Sale & Purchase Agreement may apply to buy the Rainforest executive condominium.
However, this is allowed on the condition that a 5-year period has lapsed from the termination date of the Sale & Purchase Agreement of their earlier EC or DBSS flat purchase, to the date of application for this new EC launch.
If you currently own an HDB / DBSS flat, you and/or your spouse must dispose of the flat within 6 months from the date of issuance of the Temporary Occupation Permit in respect of The Rainforest EC.
If you intend to apply to purchase The Rainforest EC where the Temporary Occupation Permit for the EC has been issued, you will be required to dispose of your existing HDB / DBSS flat within 6 months from the date the Developer sends you the Notice of Vacant Possession.
You and your spouse will be considered as having enjoyed a housing subsidy when you buy a unit at the Rainforest executive condo from the developers under the CPF Housing Grant Scheme.
Sale of The Rainforest Executive Condo
You have to occupy your CCK EC unit for at least 5 years before you can sell it in the open market.
Essential occupiers in The Rainforest Executive Condominium
Occupiers who are essential in forming a family nucleus with you in the EC application must continue to be listed in the application and stay in the EC during the 5-year minimum occupation period.
They cannot make a separate application, or be listed as occupiers in another application to buy an HDB flat or another EC within the MOP.
If you sell your CCK EC unit in the open market, you must wait for 30 months after the sale before you can submit an application to buy:
* a new flat from HDB
* an apartment under Design, Build and Sell Scheme (DBSS) from developers
* another EC from developers
You are liable to pay a resale levy of $55,000 when you buy a second subsidised flat from HDB or take over ownership of a subsidised HDB flat after selling The Rainforest EC if you bought it under the CPF Housing Grant Scheme (after meeting the 5-year Minimum Occupation Period (MOP) and the 30-month period).
If you do not intend to buy a second subsidised flat from HDB, for example, if you are buying a resale flat, a new DBSS flat, an EC from the developer, or a private residential property, you need not pay the resale levy.
You cannot invest in private residential property during the 5-year minimum occupation period.