EC sales pick up with new income ceiling

Sales of executive condos (ECs) have picked up after last week’s announcement that the higher income ceiling of S$12,000 would apply to five other EC projects with unsold units.

According to Qingjian Realty, over 50 EC units have been snapped up at RiverParc Residence in Punggol since last week, bringing total sales to 468 units (93 percent) of the 504-unit project.

It added that most of the buyers were newly eligible, being in the S$10,000 to S$12,000 income bracket.

Likewise, at United Engineers’ 540-unit Austville Residences in Sengkang, the number of EC buyers was twice more than over a regular weekend before the implementation of the higher income ceiling, said a spokesman.

About 350 units (65 percent) of the project launched in January have been sold, with guests at the showflat also doubling over the weekend.

“In particular, we saw quite a large number of interested buyers, who were previously disqualified due to their combined household income exceeding S$10,000, coming back to our showflat to make a purchase,” he added.

The spokesman noted that the company is confident about the outlook of ECs. Furthermore, new EC launches in the past year offer better design and higher building quality.

“With increased incomes and widespread aspirations of living in a condominium among Singaporeans, young couples and HDB upgraders will always consider ECs as a housing option, especially when EC prices continue to be below those of private condominiums.”

The revised income ceiling initially applied only to EC projects launched after 15 August, when the announcement was made.

However, the Ministry of National Development (MND) had received numerous appeals to apply the new policy to all EC projects, regardless of their launch dates for public sale.

Source : PropertyGuru – 20 Sep 2011

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