New property measure to favor ECs launched prior to Aug 15

Raising the income ceiling to $12,000 can help to move the outstanding stock from various such EC projects like Austville Residences, says an expert.

“EC projects launched before August 15 are expected to be favoured by those who earned in excess of $10,000 per month but previously could not qualify,” says Cushman & Wakefield senior manager for Asia Pacific Ong Kah Seng.

“With the property market increasingly complex and due to the economic uncertainty, many potential buyers are continually monitoring the market and will value properties or projects available for sale at the best timing. These buyers will react at the optimal time, fast enough,” he added.

The expert noted that the current policy revision comes at the right timing as there will be new EC projects scheduled for launch and the move will allow a better distribution of the demand for ECs, where some buyers who are satisfied with the existing EC projects will commit.

Nevertheless, some buyers who are not in a hurry to purchase during such economic uncertainty, according to Mr. Ong may require more time to make their decision or continue to be on a lookout for new EC projects scheduled for launch. But selected EC projects can potentially be oversubscribed hence buyers who do not want to avoid the future stress may choose to purchase these current EC projects which fit their buying criteria.

Overall, Mr. Ong said that the demand for ECs is expected to be “fairly strong” as buyers are now more cautious and are open to lower cost alternatives like executive condominiums.
“The new policy should be widely welcomed by homebuyers who now qualify, in the face of significant world economic uncertainty and record high mass market private condominium prices,” he noted.

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