mr funny
21-12-10, 16:34
http://www.straitstimes.com/PrimeNews/Story/STIStory_614251.html
Dec 16, 2010
ECs make up 20% of Oct and Nov sales
EXECUTIVE condominiums (EC) are making a strong comeback after a quiet five years, accounting for almost 20 per cent of the 3,678 new private homes sold in October and last month.
About 700 EC units were sold, largely at two new projects. Esparina Residences in Sengkang had sold 509 of its 573 units by the end of last month, while The Canopy in Yishun moved 185 of its 406 units.
ECs are a hybrid of public and private housing subject to Housing Board (HDB) rules, such as a minimum five-year occupation period. They cater to households with a monthly income ceiling of $10,000.
'Because of the restrictions, they often attract genuine home buyers,' said Mr Png Poh Soon, associate director and head of research and consultancy at Knight Frank.
The Government is also happy to see a strong take up of ECs, said Mr Ong Teck Hui, head of Credo Real Estate's research and consultancy.
'This means (the Government) has been correct in implementing the property measures and people who are not able to buy private units now have the opportunity to do so,' he said.
Five EC projects, including Austville in Sengkang, will be launched, adding an expected 2,440 flats to the market.
'While (developers) are certain of demand, they would not want to hold back and will strike while the iron is hot,' said Mr Ong.
Four additional sites - in Tampines, Chua Chu Kang, Punggol and Upper Serangoon - have been earmarked for ECs in the Government Land Sales Programme for the first half of next year.
These will provide 2,290 homes.
CHERYL LIM
Dec 16, 2010
ECs make up 20% of Oct and Nov sales
EXECUTIVE condominiums (EC) are making a strong comeback after a quiet five years, accounting for almost 20 per cent of the 3,678 new private homes sold in October and last month.
About 700 EC units were sold, largely at two new projects. Esparina Residences in Sengkang had sold 509 of its 573 units by the end of last month, while The Canopy in Yishun moved 185 of its 406 units.
ECs are a hybrid of public and private housing subject to Housing Board (HDB) rules, such as a minimum five-year occupation period. They cater to households with a monthly income ceiling of $10,000.
'Because of the restrictions, they often attract genuine home buyers,' said Mr Png Poh Soon, associate director and head of research and consultancy at Knight Frank.
The Government is also happy to see a strong take up of ECs, said Mr Ong Teck Hui, head of Credo Real Estate's research and consultancy.
'This means (the Government) has been correct in implementing the property measures and people who are not able to buy private units now have the opportunity to do so,' he said.
Five EC projects, including Austville in Sengkang, will be launched, adding an expected 2,440 flats to the market.
'While (developers) are certain of demand, they would not want to hold back and will strike while the iron is hot,' said Mr Ong.
Four additional sites - in Tampines, Chua Chu Kang, Punggol and Upper Serangoon - have been earmarked for ECs in the Government Land Sales Programme for the first half of next year.
These will provide 2,290 homes.
CHERYL LIM