Debated in Parliament on 6 Jan 2020.
Mr Gan Thiam Poh asked the Minister for National Development whether HDB will review the Executive Condominium (EC) scheme to take over the full development of ECs instead of opening land sales to private developers so as to have better control over the pricing of ECs to meet the aspiration needs of Singaporeans.
The Executive Condominium (EC) Housing Scheme was introduced to provide an affordable option for higher-income Singaporeans who aspire to own private housing. That is why ECs offer similar design features and facilities as private condominiums, and are treated as strata-titled private housing after 10 years. Given this objective, it would not be possible for HDB to take over the development of ECs.
The Government has put in place various measures to ensure that ECs remain affordable. For example, initial eligibility and ownership restrictions, such as an income ceiling and a minimum occupation period, are imposed on EC buyers. This helps to reduce the land cost of the EC projects, as well as their selling price. Currently, the prices of ECs are about 25% cheaper than private condominiums of similar size and location. EC buyers also benefit from the CPF Housing Grant when making their purchase.
We will continue to monitor the situation, and ensure that the EC Housing Scheme serves its original intent, and meets the aspirations and needs of potential home-buyers.
PAPERCUTS