27 Dec '11, 1pm

More land for executive condominiums in 2012 - Channel NewsAsia

SINGAPORE: More land will be released for the development of executive condominiums (ECs) in 2012. The Ministry of National Development (MND) says that it is prepared to supply land sites for 5,000 EC units next year. This is part of the government's move to help more higher income Singaporeans own private housing by expanding the EC market. The government has taken an earlier step by raising the monthly income ceiling for the purchases of new ECs from S$10,000 to S$12,000 in August this year. Minister of State for National Development and Manpower Tan Chuan-Jin said that the increased income ceiling has benefited around 220 households who have booked their ECs since the widening of the scheme. Mr Tan was speaking at the Real Estate Developers' Association of Singapore (REDAS) anniversary dinner on Tuesday. The EC scheme was introduced in 1995 to provide a more affordable ...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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