90% of new EC units to be reserved for first-timers, MOP to be raised to 10 years
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First-time home buyers applying for an executive condominium (EC) may stand a higher chance of securing their dream home as 90 per cent of new EC units will be reserved for them, up from the current 70 per cent.The priority period — the time developers mus90% of new EC units to be reserved for first-timers, MOP to be raised to 10 years
First-time home buyers applying for an executive condominium (EC) may stand a higher chance of securing their dream home as 90 per cent of new EC units will be reserved for them, up from the current 70 per cent.The priority period — the time developers must reserve EC units for such buyers before they can sell to all eligible buyers — will also be raised from the current one month to two years. These are among changes to the EC scheme announced by Minister for National Development Chee Hong Tat on Friday (May 8) to better support first-time home buyers.But new EC owners will have to wait 10 years before they can sell their units on the open market, up from the current five-year minimum occupation period (MOP).And they will have to make progressive payments based on construction milestones, and will no longer be able to defer payment till the development gets its temporary occupation permit (TOP).Currently, EC buyers can pay 20 per cent of the purchase price upfront while the remaining payment is deferred until the project obtains its TOP. Read more
