Second-time flat buyers who buy a new Executive Condominium (EC) will no longer have to pay the resale levy.
The policy change is to align the purchase of new ECs with the Design, Build and Sell Scheme (DBSS). It will take effect for those who buy new EC units to be built at Punggol.
Another change - a first-time buyer of a new EC can purchase a second new EC, HDB or DBSS flat. HDB will be lifting the permanent debarment policy with immediate effect.
However, an ex-EC owner can only buy a second new flat 30 months after selling his EC. This is because ECs are considered private housing. There are no restrictions on ex-EC owners buying a resale flat.
Similar to DBSS projects, private developers of EC projects will now be required to set aside at least 90 percent of the units for first-timers during the first month of their sale.
The EC Housing Scheme was introduced in 1995 to meet the aspirations of professional couples with household incomes of up to S$10,000 a month to own private housing.
Source : ChannelNewsAsia - 20 Nov 2007
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