The Government will continue building executive condominiums (ECs) and has moved to fix loopholes in the EC policy, Minister for National Development Khaw Boon Wan said today in Parliament.
He noted that the Government has now capped EC unit sizes to 160 sq m to keep prices affordable and has also required dual-key units to be sold only to multi-generational families to prevent buyers from taking advantage of such units for immediate rental yield. These measures were announced last Friday.
Several Members of Parliament then pressed the minister on whether recent launches of super-large and pricey EC units were a violation of the original spirit and intent of the Government's EC policy.
They asked Mr Khaw if the ministry would consider imposing price caps, why approval had been given to launch such large and expensive EC units and whether Singapore should even continue with the EC scheme.
Mr Khaw replied that approval was given based on planning rules at that time. He added that ECs were "really a wonderful scheme" for middle-income Singaporeans and the EC rule changes would prevent buyers and developers from taking advantage of the policy.