10 Dec '13, 2pm

New cooling measures targeted at EC buyers

The Ministry of National Development (MND) has introduced three new measures to align the executive condominium (EC) scheme with that of public housing and support a sustainable EC market. Firstly, the cancellation fees for ECs has been reduced from 20 percent to five percent of the purchase price, to relieve the financial burden of buyers who have to cancel their bookings after signing the Sale & Purchase Agreement. The new fees will apply to land sales launched on or after 9 December, including those where the tenders have not closed. Currently, the cancellation fee is similar to that of private housing at 20 percent. But unlike private home buyers, EC buyers cannot sub-sell their units if they fail to complete their purchase, hence the fee. The fee had put significant financial pressure on young couples who were not able to proceed with their marriage and subsequently t...

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

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