Over 11,000 S’pore families bought ECs in 2010-13: Khaw

SINGAPORE — More than 11,000 Singaporean families have bought Executive Condominiums (ECs) from the last quarter of 2010 to the same period last year.

Housing and Development Board dwellers made up 86 per cent of the buyers, with a majority (55 per cent) purchasing a home for the second time, said National Development Minister Khaw Boon Wan in a blog post yesterday.

Of the 11,000, 83 per cent of the families spent below S$1 million on their purchase and 80 per cent earned S$10,000 or less each month. Slightly less than half (42 per cent) of those who purchased ECs were non-university graduates and 40 per cent were aged 34 years and below.

The EC scheme is designed to help Singaporeans earning up to S$12,000 a month own a private condominium at below market price. First-time EC buyers enjoy a price advantage of about 30 per cent in many cases, said Mr Khaw.

“This is a significant benefit,” he added. “In addition, first-timer households will also enjoy a CPF Housing Grant. Take-up for EC has been high and we have ramped up supply to meet demand.”

In 2011, the income ceiling was raised from S$10,000 to S$12,000. The adjustments saw a shift in the profile of EC buyers, Mr Khaw said in his blog. The proportion of second-time home buyers rose from 43 to 57 per cent, while 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.

After completing the five-year Minimum Occupation Period, EC owners can sell their units 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.

About 1,961 EC units are due to be completed by the end of the year and an additional 8,474 units will be completed over the next two years.