Can a first-time homebuyer couple earning S$18,000 a month afford a new EC unit?
Consider capping prices of new EC homes to largely below S$1.6 million each
[SINGAPORE] Amid escalating prices for new executive condominium (EC) units, the government introduced tighter rules, which apply to EC government land sale sites with tender closing dates on or after May 8.
ECs were introduced in 1995 to provide a more affordable option for Singaporeans who aspire to own private housing. ECs are strata-titled properties and are built and sold by private developers, with design features and facilities similar to condos.
ECs are sold with initial eligibility and ownership restrictions, such as an income ceiling and a minimum occupation period (MOP).
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