The Executive Condominium (EC) Housing Scheme is designed to help Singaporeans (earning up to $12,000 per month) own a private condo at way below market price. This is achieved through several sales restrictions which are fully lifted after 10 years. The initial EC buyers enjoy a price advantage of about 30% in many cases. This is a significant benefit. 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.
From 4Q2010 to 4Q2013, over 11,000 Singaporean families bought ECs. This is their general profile:
• Most (86%) were HDB dwellers.
• Majority (55%) were second-timer households, i.e. upgraders.
• 80% earned $10,000 or below.
• 42% are non-university graduates.
• 40% were aged 34 years old and below, while 60% are older.
• 83% spent below $1 million on their purchase.
The income ceiling adjustments in 2011 saw the following shifts in the profile of EC buyers over a one-year period:
• The proportion of second-timers rose from 43% to 57%.
• Those aged between 35 and 44 increased from 35% to 43%.
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.
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