Home sweet EC home

In Money, News Reports on December 6, 2012 at 1:08 am

I am turning green. With envy. Jealousy. CityLife@Tampines is oversubscribed three times, with many many people interested in those 4,300 sqf penthouses.  And here’s my rant: How can those people who earn less than $12,000 a month afford this? Neither ST nor BT published the price that those luxury homes or sky suites in CityLife@Tampines  is going for (How can? Basic info!) And I am too lazy to go check on past articles which others paid to do the job should have done.

Something must be terribly wrong with the executive condo scheme  if homes are going for a million bucks or so, whether new or resale. . Even the restrictions on sale of the unit aren’t deterring people going by the interest showed.

Minister Khaw Boon Wan sent out this intriguing message earlier reminding developers of the objectives of the EC – to cater to those who can’t meet HDB income ceiling requirements and can’t afford private property. Well, seems like a lot of people can…go for private property I mean.

So I am wondering what Mr Khaw meant by his reminder: That ECs should be priced cheaper? Less luxurious? But if those with $12,000 a month can afford it, why not? Or should the G really be looking at that income ceiling instead and re-examining the original concept of ECs?

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