I hope the executive condominium (EC) scheme, while intended to help the "sandwiched" class of home hunters who are priced out of private property, will not create a new category of asset-rich, cash-poor Singaporeans later on ("Asset-rich, cash-poor retirees speak up"; last Saturday).
The Government's generous housing grants have attracted young families to ECs. Any family with a monthly household income below $12,000 is eligible to buy a unit.
Will these families get a rude shock when the EC turns private after 10 years, and they are faced with higher property taxes and maintenance fees?
I urge young families to consider more affordable HDB flats instead, where the standard of living is comparable to that of ECs. Some HDB flats can be even better than EC units, as a result of the HDB's regular upgrading programmes.
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