11 Dec '13, 8am

EC buyer's buying power hit - Property Auctions News, Property Investment | PropertyGuru

The government’s revision of the executive condominium (EC) scheme will see developers being more mindful of a buyer's income ceiling and the project’s affordability. “Affordability of ECs will be hit by the new mortgage servicing ratio (MSR) which is capped at 30 percent of the buyer’s gross monthly income (previously, this only applied to HDB BTO and resale flats),” said Mohamed Ismail, CEO of PropNex Realty. Coupled with the resale levy that second-time buyers will have to fork out when acquiring EC units directly from developers, both measures will “work in tandem to equalise the playing field between public housing and ECs — and will prompt developers to adjust their land bid prices accordingly”, to take into account the purchasing power of potential buyers. “Subsequent EC land bids will be keenly watched to see if the new measures will bring down the number of bids p...

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

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