30 Jan '16, 1am

Government measures fail to boost EC market

Government measures fail to boost EC market

Sales at new EC projects have been sporadic. (Photo: City Developments Limited) More Singaporeans are now eligible to buy EC units since the income ceiling was raised, but this hasn’t translated into better sales. By Romesh Navaratnarajah In August 2015, Prime Minister Lee Hsien Loong announced during his National Day Rally speech a slew of new measures meant to impact the real estate market. This included raising the income ceiling for couples buying executive condominium (EC) units from $12,000 to $14,000. As such, higher-income households (making up another six percent of the population) could now qualify for subsidised housing, and would not have to overstretch themselves to buy private property. At the time, analysts felt the changes would reverse the slump in the EC market, which had seen the number of unsold units rise to an unprecedented 5,200 units as of July 2015...

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

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