Raised income ceiling not applicable to EC projects launched before Aug 15

Prospective buyers of units at current executive condominiums (EC) projects, are requesting that the recent income ceiling increase, also be applicable to those bought before mid-August.

The qualifying income ceiling for ECs was raised from S$10,000 to S$12,000 a month, for projects launched for sale from August 15 this year.

Property agent ERA said that after the recent announcement, they received numerous queries from buyers interested in EC projects launched before 15 August. Online netizens have also expressed their wish to buy units in such projects.

On it’s part, ERA emailed the relevant authorities to ask if exceptions can be made.

The National Development Ministry then replied, saying that the income ceiling will remain at S$10,000 per month for these earlier projects. This is to ensure the ruling is applied consistently within, and that buyers are treated fairly.

The Housing and Development Board has also responded, saying it is studying the feedback.

Mark Teo, Senior Group Division Director with ERA, said: “I really do think that the relevant authority can study the situation again. Because to allow them to buy, I think it probably doesn’t affect the original buyers.”

Source : Channel NewsAsia – 25 Aug 2011

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