29 Apr '13, 6am

Govt taking serious look at EC scheme | | PropertyGuru | #sgproperty #singapore #property

National Development Minister Khaw Boon Wan said there is “something wrong somewhere” with the executive condominium (EC) scheme due to "a sense of inequity", and it cannot carry on in its current form. At a recent dialogue on housing, Mr Khaw highlighted the significant gap in subsidies that EC buyers get compared to subsidies for those purchasing public housing, as well as the profit EC owners can make from reselling their units. “There is a sense of inequity here. The lower-income groups are getting less subsidies than somebody who is earning S$12,000,” he said, adding that this goes against the principle that HDB's subsidies should be progressive, and that the lower-income should get more. “We cannot carry on the ECs with these current rules.”

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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