The Complete Guide to Buying Coastal Cabana EC: Eligibility, Finance & Procedures

Purchasing an Executive Condominium (EC) differs significantly from buying a private condo or HDB flat. With Coastal Cabana EC launching at Pasir Ris with prices from $1,505,000, this guide walks you through the complete purchase procedure.

1 Check Eligibility

ECs are hybrid public-private housing governed by HDB rules. You must satisfy:

• Citizenship: At least 1 Singapore Citizen applicant
• Income Ceiling: Maximum $16,000/month gross household income
• 30-Month Rule: No private property ownership within 30 months before applying

2 Financial Assessment

Based on Coastal Cabana's pricing ($1,505,000 - $2,062,000):

• 5% Cash: Must be paid in cash (Option Fee + Exercise Fee)
• 20% CPF/Cash: Can use CPF OA savings or cash
• 75% Loan: Maximum financing

3 VIP Registration

4 Unit Selection (Booking Day)

• Computerized balloting for queue numbers
• Choose unit based on availability when your number is called
• Pay 5% Option Fee (cash only)
• Receive Option to Purchase (OTP) valid for 21 days

5 Exercise OTP (Within 21 Days)

• Engage solicitor (can use CPF for legal fees)
• Apply for bank loan (compare DBS, OCBC, UOB rates)
• Pay 15% (CPF/Cash) + stamp duty
• Sign Sale & Purchase Agreement (S&P)

6 Progressive Payment (NPS)

Payments follow construction milestones:

• Foundation work: 10%
• Reinforced concrete: 10%
• Roofing: 5%
• TOP (March 2029): 25%
• CSC (Legal Completion): 15%

Should You Choose DPS?

Coastal Cabana offers DPS at $45,000-$60,000 premium over NPS. Choose DPS if you own an HDB that you can only sell near TOP (2029).