23 Nov '12, 1pm

Khaw Boon Wan urges developers to be mindful of intent of EC policy

National Development Minister Khaw Boon Wan has urged developers of Executive Condominiums (ECs) to be mindful about the intent and spirit of the EC policy. This follows recent media reports of an EC penthouse sold for $1.77 million. In his latest blog post, Mr Khaw said EC developers have flexibility in designing and pricing their units. But he stressed the policy intent of the EC – which is to help Singaporean families earning within $12,000 per month acquire a condominium at below market rate. Mr Khaw said this is achieved through zoning and tendering out the land as specific for EC. This allows the developer to acquire it cheaper than private condominium land. All EC applicants must meet the income criteria and the public housing subsidy criteria – that is, they should not have already bought two subsidised flats before. Mr Khaw said the latest EC sale of a penthouse a...

Full article: http://lushhomemedia.com/2012/11/23/khaw-boon-wan-urges-d...

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