Following last month’s announcement by the Ministry of National Development (MND) regarding the revised income ceiling for executive condominiums (ECs), the ministry has received numerous appeals to apply the new policy to all EC projects, regardless of their launch date for public sale.
“On 15 August 2011, we raised the monthly income ceiling to purchase new Executive Condominiums (ECs) from S$10,000 to S$12,000, for EC projects which were launched for public sale from 15 August 2011,” said the MND.
“Our intent was to ensure that the income ceiling would be applied consistently within each EC project,” it added.
The MND has reviewed the public feedback and noted the soundness of the proposal. Thus, the revised income ceiling of S$12,000 will apply to all EC projects with immediate effect.
Meanwhile, five EC projects — Esparina Residences, Austville Residences, The Canopy, RiverParc Residence and Blossom Residences — launched before 15 August still hold some 600 unsold units.
Potential EC buyers can benefit from these wider choices.
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