EC Size Units Capped To Prevent Profiteering

Housing 1 Comment

Singapore Government introduces new measures to ensure that executive condominiums (EC) remain affordable for middle-income Singaporean families. The maximum strata floor area of new EC units will be capped at 160 square metres or about 1,700 sq feet. This is due to public outcry by a recent sale of a $2.05million unit public housing project. Also dual-key EC units will be restricted to multi-generational families that is staying together. There will also be Additional Buyer’s Stamp Duty (ABSD) rates of 5% imposed on PRs buying their first residential property, 10% when PRs buy the second residential property and 7% for Singaporeans purchasing their second residential property.

Singaporean (citizens) first-time private property buyers and Singaporean buyers of HDB flats will not be affected by the new ABSD measures.

old hdb block
Photo Credit: Flickr.

What is an EC? According of Singapore’s National Development Minister: “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.”

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