Time to cool EC demand: drop deferred payment scheme, lengthen MOP, tighten resale restrictions

BUYERS snapped up 529 units – about 92 per cent of the 572 apartments – of Sim Lian’s Rivelle Tampines executive condominium (EC) project on its launch day on Mar 21 at an average price of S$1,893 per square foot (psf).

While prices have risen strongly, there are sound reasons to buy new EC homes. Prices of new EC units are about 20 to 30 per cent lower than those of comparable condos, and eligible buyers can also tap a housing grant of up to S$30,000 from Central Provident Fund.

Nonetheless, should measures be introduced urgently to cool new EC demand?