A perfect match with demand
I SUPPORT the developers' intentions to have more large-sized executive condominium (EC) apartments and urge the Government against any knee-jerk reactions ("Developer keen on more EC penthouses"; last Tuesday).
There are several reasons why more EC penthouses should be built.
First, EC penthouses remain very competitively priced. Relative to private apartments in the vicinity, they provide
very good value for money. On a per sq ft comparison, EC penthouse units may even be priced lower than some resale HDB flats.
Second, unlike shoebox apartments, EC penthouses are not purchased for merely speculative reasons. The applicable HDB rules mean that there will be fewer resale opportunities.
Third, Singaporeans stand to gain as foreigners are not allowed to own ECs.
Fourth, due to the larger size, EC penthouses do more to promote multi-generational living than smaller HDB apartments.
When older folk live together with a young adult couple, the couple may be encouraged to have more children because trustworthy help is readily available. In turn, the entire family will also be well-placed to look after the older folk.
With more seniors living with their families, there may be fewer squabbles over where to locate elder-care centres as well.
Lastly, the rate at which premium ECs like Heron Bay and CityLife @ Tampines have been snapped up indicates that the product is perfectly matching market demand. There is no need to tinker with such a well-balanced situation.
Let us not restrict the number of EC penthouses and fix what is not broken.
Wee Hung Jing