11 Feb '12, 1pm

More second-time home buyers opting for EC

SINGAPORE: More second-time applicants appear to be going for executive condominiums (ECs), according to property developers. That's because the pool of first-time flat buyers is shrinking due to recently-ramped up supply of Build-to-Order flats. Prices of the 728 units at a new EC in Punggol - Twin Waterfalls - are likely to start from S$617,000 for a three-bedroom unit and S$823,000 for a four-bedroom unit. Since applications opened on Friday, it has received some 340 applications as at 7pm on Saturday. Cheang Kok Kheong, CEO, Development & Property, Frasers Centrepoint, said: "The first timers will probably form about 30 to 40 per cent. These are newly-weds, or about to be wed, or maybe even new citizens, who are coming here for the first time. "Then the other 60 to 70 per cent will actually be second-timers, people who are wanting to live in a condominium. So they live...

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

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