Govt keeping close eye on ECs
The Straits Times
Monday, Dec 31, 2012
THE National Development Ministry (MND) has warned that it
is closely watching developments in the executive condominium (EC) segment and
will consider further measures if needed.
It was responding to The Straits Times' queries on whether
sky-high prices for some EC units at recent launches are of concern.
The latest focal point in the EC debate is a huge 4,349 sq
ft "presidential suite" at 514-unit CityLife @ Tampines, which will
be the first EC unit to eclipse the $2 million mark. The penthouse unit, with a
roof terrace of about 1,600 sq ft, is priced at about $2.05 million.
Lately, many ECs, a public-private housing hybrid, have come
with million-dollar price tags. Some large, luxurious units come with fancy
designs such as private pools, rivalling private homes.
"Minister for National Development Khaw Boon Wan has
recently blogged about his concerns that the EC developers should observe the
intent and spirit of the EC housing scheme when marketing their projects,"
a spokesman said.
Industry players have raised suggestions such as imposing a
minimum number of units to be built on an EC site - or a maximum size for an EC
apartment.
Savills Singapore research head Alan Cheong said more
measures are needed if developers overstep the limit. "We get this feeling
that ECs are now going to buyers who can well afford a private home... I think
developers should always bear in mind the social responsibility involved when
it comes to ECs," he added.
International Property Advisor chief executive Ku Swee Yong
said the authorities could consider caps on the price of an EC unit so they are
"reasonably priced" for a household meeting the $12,000 monthly
income ceiling for ECs.
"I think home buyers with a budget of more than $1.5
million should purchase private homes instead of depriving a genuine
sandwich-class household of an EC unit," he noted.
Potential EC buyer Bernadette Chen, 34, who works in
finance, wants a unit under $1.2 million. "The Government should make sure
that ECs remain affordable for the middle-income."
Martin
Koh | 86666 944 | R020968Z
Sherry Tang |
9844 4400 | R020241C
Senior Sales
Director
Email: marshe_inc@yahoo.com.sg
DTZ Debenham
Tie Leung (SEA) Pte Ltd (L3006301G)
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