27 Dec '11, 9pm

MND Minister of State Tan Chuan-Jin warns Singaporeans to 'buy within your means' when paying for a property

SINGAPORE - More land will be released for the development of executive condominiums (ECs) to meet the housing aspirations of higher-income Singaporeans. The Government is prepared to supply land sites for 5,000 EC units next year, Minister of State for National Development and Manpower Tan Chuan-Jin said yesterday at the 52nd anniversary of the Real Estate Developers Association of Singapore (REDAS). The announcement comes after the Government in August raised the monthly income ceiling for the purchase of new ECs to S$12,000 from S$10,000. Mr Tan said that the higher ceiling had benefited around 220 households who booked their ECs after August. ECs, a hybrid of public and private housing, were introduced in 1995. Since their introduction, 14,600 EC units have been launched by developers and 3,000 units are coming on-stream. Still, Mr Tan pointed out that the majority of ...

Full article: http://www.todayonline.com/Hotnews/EDC111228-0000068/Govt...

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