Revising Eligibility Criteria to Move Unsold Executive Condominium Units

Debated in Parliament on 13 Jul 2015.

Summary written by AI (learn more)

Er Dr Lee Bee Wah asked about the current availability of unsold Executive Condominiums (ECs), the possibility of raising the income ceiling for first-time buyers like newly-weds, and the average waiting time for new EC applicants.
Khaw Boon Wan stated that there are about 2,230 unsold EC units and that applicants wait around three years from sales launch to Temporary Occupation Permit issuance.
The Ministry last raised the income ceiling for ECs in 2011 to $12,000 and is currently reviewing it again.
The debate highlighted concerns about helping the sandwiched group of buyers, such as newly-weds, through potential policy adjustments.
The responses indicate ongoing government evaluation of EC eligibility criteria to address market conditions and buyer needs.

Questions identified by AI (learn more)

Full Transcript

Er Dr Lee Bee Wah

Er Dr Lee Bee Wah asked the Minister for National Development (a) what is the current availability of unsold Executive Condominiums (ECs); (b) whether the Ministry will consider raising the income ceiling for first-time buyers who are newly-weds to help this sandwiched group of buyers for ECs; and (c) what is the average waiting time for new applicants of ECs.

Khaw Boon Wan

About 2,230 Executive Condominium (EC) units are currently unsold. EC applicants have to wait about three years on average, from the time of the sales launch to the issuance of the Temporary Occupation Permit.

We last raised the income ceiling for ECs in 2011 from $10,000 to $12,000. We are in the process of reviewing the income ceiling.

Summary written by AI (learn more)

Er Dr Lee Bee Wah asked about the current availability of unsold Executive Condominiums (ECs), the possibility of raising the income ceiling for first-time buyers like newly-weds, and the average waiting time for new EC applicants.
Khaw Boon Wan stated that there are about 2,230 unsold EC units and that applicants wait around three years from sales launch to Temporary Occupation Permit issuance.
The Ministry last raised the income ceiling for ECs in 2011 to $12,000 and is currently reviewing it again.
The debate highlighted concerns about helping the sandwiched group of buyers, such as newly-weds, through potential policy adjustments.
The responses indicate ongoing government evaluation of EC eligibility criteria to address market conditions and buyer needs.

Questions identified by AI (learn more)

Revising Eligibility Criteria to Move Unsold Executive Condominium Units | PAPERCUTS

Revising Eligibility Criteria to Move Unsold Executive Condominium Units

Debated in Parliament on 13 Jul 2015.

Summary written by AI (learn more)

Er Dr Lee Bee Wah asked about the current availability of unsold Executive Condominiums (ECs), the possibility of raising the income ceiling for first-time buyers like newly-weds, and the average waiting time for new EC applicants.
Khaw Boon Wan stated that there are about 2,230 unsold EC units and that applicants wait around three years from sales launch to Temporary Occupation Permit issuance.
The Ministry last raised the income ceiling for ECs in 2011 to $12,000 and is currently reviewing it again.
The debate highlighted concerns about helping the sandwiched group of buyers, such as newly-weds, through potential policy adjustments.
The responses indicate ongoing government evaluation of EC eligibility criteria to address market conditions and buyer needs.

Questions identified by AI (learn more)

Full Transcript

Er Dr Lee Bee Wah

Khaw Boon Wan

We last raised the income ceiling for ECs in 2011 from $10,000 to $12,000. We are in the process of reviewing the income ceiling.

Summary written by AI (learn more)

Er Dr Lee Bee Wah asked about the current availability of unsold Executive Condominiums (ECs), the possibility of raising the income ceiling for first-time buyers like newly-weds, and the average waiting time for new EC applicants.
Khaw Boon Wan stated that there are about 2,230 unsold EC units and that applicants wait around three years from sales launch to Temporary Occupation Permit issuance.
The Ministry last raised the income ceiling for ECs in 2011 to $12,000 and is currently reviewing it again.
The debate highlighted concerns about helping the sandwiched group of buyers, such as newly-weds, through potential policy adjustments.
The responses indicate ongoing government evaluation of EC eligibility criteria to address market conditions and buyer needs.

Questions identified by AI (learn more)

Revising Eligibility Criteria to Move Unsold Executive Condominium Units

Summary

Questions Identified

Full Transcript

Er Dr Lee Bee Wah

Khaw Boon Wan

Summary

Questions Identified

Revising Eligibility Criteria to Move Unsold Executive Condominium Units

Summary

Questions Identified

Full Transcript

Er Dr Lee Bee Wah

Khaw Boon Wan

Summary

Questions Identified