EC developers must remember policy intent of such apartments: Khaw

National Development Minister Khaw Boon Wan called for executive condominium developers to remember the policy intent of such units - that they are to help Singaporeans get condos below market rate.

On his Housing Matters blog on Friday, Mr Khaw brought up recent media reports on EC penthouses that sold for $1.77 million and raised eyebrows.

"EC developers have flexibility in designing and pricing their units," he said. "But they must remember the policy intent of EC and the spirit of the EC policy."

"EC is to help Singaporean families earning within $12,000 per month acquire a condominium at below market rate. This is achieved through zoning and tendering out the land as specific for EC, thus allowing the developer to acquire it cheaper than private condominium land," he noted.