Kaeden Ong

Over 11,000 families bought ECs over 3-year period: Khaw

Posted by Kaeden Ong on 25th April 2014 in Blog

More than 11,000 Singaporean families purchased executive condominiums (ECs) from Q4 2010 to the same period last year, according to National Development Minister Khaw Boon Wan.

In a blog post, he said that HDB dwellers accounted for 86 percent of such buyers, while 55 percent bought an EC for the second time.

Of the total figure, 80 percent earned up to $10,000 and 83 percent spent less than $1 million on their unit. Non-university graduates made up 42 percent of buyers, while 60 percent were at least 35 years old.

Moreover, when the income ceiling for the EC Housing Scheme was raised to $12,000 in 2011, the profile of buyers changed over a one-year period. The proportion of second-timers increased from 43 percent to 57 percent, while those aged between 35 and 44 rose from 35 percent to 43 percent.

Mr Khaw explained that the EC scheme is designed to help Singaporeans acquire private condos at very affordable prices, with first-time buyers enjoying a significant price advantage of around 30 percent. On top of that, first-timers are entitled to a CPF Housing Grant.

In late 2013, the government made some changes to the scheme to reduce EC cancellation fees, impose a resale levy for second-time applicants and revise mortgage loan terms.

Mr Khaw wrote that he will continue to ensure the EC scheme stays on track, to serve the housing needs of Singaporeans.

Credits: Property Guru

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