17 Dec '13, 12pm

New: Impact of the New EC Cooling Measures

By Marcus Sim (guest contributor) The Ministry of National Development have introduced three new measures that will be aimed to regulate the Executive Condominium scheme. This is to ensure greater parity to that of public housing and to improve the viability and sustainability of the EC market. Details of the 3 measures The first measure will involve fees imposed when buyers cancel their EC purchase. Cancellation fees have been decreased from 20% to 5% of the EC purchase price. This is to alleviate their financial strain. This will be in effect for land sales launched on or after 9 December and will include those with tenders that are not closed. The current cancellation fee for ECs matches that of private housing – 20%. The difference lies in the inability of EC buyers to sub-sell their units during an incomplete purchase, which brings cause for the implementation of the ...

Full article: http://www.propwise.sg/impact-of-the-new-ec-cooling-measu...

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