Channel NewsAsia
Updated: 04/24/2014 15:50 | By Channel NewsAsia

Over 11,000 families bought ECs from 4Q 2010 to 4Q 2013

Over 11,000 families bought ECs from 4Q 2010 to 4Q 2013

Over 11,000 families bought ECs from 4Q 2010 to 4Q 2013

SINGAPORE: More than 11,000 Singaporean families have bought Executive Condominiums (ECs) over a three-year period, from the last quarter of 2010 to the same period in 2013.

National Development Minister Khaw Boon Wan said that in a blog post on Thursday, adding that the take-up rate for ECs has been high and supply has been ramped up to meet demand.

Mr Khaw noted that 86 per cent of those who bought ECs during the three-year period were HDB dwellers, with a majority (55 per cent) being upgraders, purchasing a home for the second time.

Eighty-three per cent of them spent below S$1 million on their purchase.

Slightly less than half (42 per cent) of those who purchased ECs are also non-university graduates and 40 per cent were aged 34 years and below.

Eighty per cent of those EC buyers also earned S$10,000 or less.

The EC scheme is designed to help Singaporeans earning up to S$12,000 a month own a private condominium at below market price.

After completing their five-year Minimum Occupation Period (MOP), EC owners can sell their unit in the open market to Singapore citizens or Permanent Residents.

Owners are allowed to sell their unit to foreigners and corporate bodies after 10 years. The income ceiling was raised in 2011 from S$10,000 to S$12,000.

Mr Khaw said the adjustments saw shifts in the profile of EC buyers over a one-year period, which include seeing the proportion of second-time homebuyers rise from 43 to 57 per cent.

EC buyers aged between 35 and 44 also went up from 35 to 43 per cent.

"I am glad that the EC scheme is helping Singaporeans from diverse backgrounds meet their aspirations for private housing. I will continue to make sure that the EC scheme stays on track, to serve the housing needs of Singaporeans," said Mr Khaw.  - CNA/nd

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