24 Mar '15, 4am

Khaw lauds EC scheme but will stay vigilant to prevent abuses, Condominium, Singapore Property...

Khaw lauds EC scheme but will stay vigilant to prevent abuses, Condominium, Singapore Property...

THE executive condominium (EC) scheme is a "wonderful" one and should continue, as the government addresses prior abuses, Minister for National Development Khaw Boon Wan said yesterday. Responding to queries from Members of Parliament (MPs), he said ECs are relevant, protecting middle-income Singaporeans from competition and ensuring them a market- friendly way to buy condominiums at affordable prices. "And if I may give an analogy, it's like offering you a Lexus at a Corolla price," he told Parliament. "But only Singaporeans have this privilege of doing so and they know that in due course the price will go up to Lexus and above Lexus levels." However, he said the scheme had been taken advantage of by some developers and buyers, which prompted new measures targeted at this segment of the residential market. Developers had taken to building super-sized ECs, Mr Khaw said, an...

Full article: http://www.stproperty.sg/articles-property/condominium/kh...

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