Govt to continue to be vigilant of abuse in EC scheme: Khaw
By14 Jan 2013 17:04
SINGAPORE: National Development Minister Khaw Boon Wan said the government will continue to be vigilant of any abuse of the Executive Condominium (EC) housing scheme, and defended the scheme as still being relevant.
He was responding to questions raised in Parliament on the affordability of ECs.
He said: “It is a wonderful scheme. It protects middle-income Singaporeans from competition and ensures a market-friendly way of allowing them to buy condominiums at very affordable prices.
“If I can give you an analogy, it’s like offering you a Lexus at the price of a Corolla, but only Singaporeans have this privilege for (buying it at that price). And they know in due course the price will go up above the level of a Lexus, so I think it is a very good scheme.”
The National Development ministry recently introduced measures to correct abuses of the system by developers and some buyers.
The measures include a size cap of 160 square metres for each EC unit, and requiring buyers of dual-key units to be from multi-generational families.
Executive Condominiums came under the spotlight recently after several penthouse units were sold for exorbitant sums, with one having been sold for S$2.05 million.
Mr Khaw said the measures introduced should bring ECs back to their original intent and ensure developers build ECs to benefit the intended target buyers.
E-Application for Hundred Palms Residences, the Yio Chu Kang Road new executive condo launch is expected to commence in 3Q17.
HDB releases for sale residential sites in Yio Chu Kang Road and Sumang Walk
SINGAPORE – Two residential sites were put up for sale by the Housing And Development Board (HDB) on Tuesday (Dec 29).
One, in Yio Chu Kang Road, is for sale by public tender under the Confirmed List of the Government Land Sales (GLS) Programme for the second half of 2015. The other, in Sumang Walk, was released for application under the Reserve List.
The Yio Chu Kang Road site has an area of 18,422.9 sq m and a maximum permissible gross floor area (GFA) of 51,584.12 sq m. It can yield an estimated 520 housing units.
The Sumang Walk site has an area of 27,056.4 sq m and a maximum GFA of 81,169.2 sq m. It can yield an estimated 820 units.
The tender for the land parcel in Yio Chu Kang Road will close at noon on Feb 18, 2016. Developer’s packets, containing details and conditions of tender of the land parcel, are available for sale at the HDB Land Sales section of HDB’s Procurement Office in Basement 1 of the HDB Hub in Toa Payoh.
The Yio Chu Kang Road new launch EC Hundred Palms Residences will be opened for e-application in 3rd Quarter 2017.