SINGAPORE - While developers of executive condominiums (ECs) have flexibility in designing and pricing their units, they must remember the policy intent of EC and the spirit of the EC policy, said Minister for National Development Khaw Boon Wan.
In his Housing Matters blog today, the minister brought up a recent media report on an EC penthouse supposedly sold for $1.77 million that has raised eyebrows.
"There is now another developer going to market a luxurious penthouse. I expect the developer to have done his calculations, to ensure that the unit will be affordable for the targeted EC applicants," said Mr Khaw.
Mr Khaw said: "We provide EC developers with much flexibility, but they must be mindful that flexibility must be exercised in keeping with the intent and spirit of the EC policy."
He reiterated that the purpose of ECs is to help Singaporean families earning within $12,000 per month acquire a condominium at below market rate.
ECs were introduced in 1995 and catered to Singaporeans aspiring to own private property.
|EC projects in Singapore
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