National Development Minister Khaw Boon Wan has urged developers of Executive Condominiums (ECs) to be mindful about the intent and spirit of the EC policy.
This follows recent media reports of an EC penthouse sold for $1.77 million.
In his latest blog post, Mr Khaw said EC developers have flexibility in designing and pricing their units.
But he stressed the policy intent of the EC – which is to help Singaporean families earning within $12,000 per month acquire a condominium at below market rate.
Mr Khaw said this is achieved through zoning and tendering out the land as specific for EC.
This allows the developer to acquire it cheaper than private condominium land.
All EC applicants must meet the income criteria and the public housing subsidy criteria – that is, they should not have already bought two subsidised flats before.
Mr Khaw said the latest EC sale of a penthouse at Heron Bay has raised some eyebrows.
He added there’s now another developer which will market a luxurious penthouse.
And he said he expects the developer to have done its calculations, to ensure that the unit will be affordable for the targeted EC applicants.
Source : Channel NewsAsia – 23 Nov 2012