Changes to Executive Condo (EC) Policies

HDB announced changes to EC policies yesterday.

(1) 1st Timer
- Developers need to reserve >=90% of the units for 1st timers in the 1st mth of the sale (align to DBSS sale).
- Allows to buy a 2nd new EC, HDB or DBSS flat after a 30-mth wait upon disposal of their ECs (align to private housing owner buying a new HDB requirement). Resale levy may be payable:

(a) Taken $30k CPF housing grant for 1st EC? YES
--> Buying 2nd new HDB? YES
--> $55k levy payable upon booking of 2nd flat

(b) Taken $30k CPF housing grant for 1st EC? YES
--> Buying 2nd new EC/DBSS or resale flat? YES
--> No levy payable

(2) 2nd Timer
No resale levy payable when buying a new EC/DBSS (align to DBSS policy).

EC's History:
In 1995, govt introduced Executive Condominium Housing Scheme (ECHS) to bridge the gap between public and private housing. So that professional couples with household income <=$10k/mth can own a 'private' housing with some restrictions, which slowly free up after 5yrs and 10yrs. To date, there are 23 EC with abt 10,400 units developed and sold by private developers.

* HDB-EC , AsiaOne-EC *

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Good news. Hope tt govt can loosen some restrictions on foreign ownership.