Khaw finally admits there's something wrong with EC scheme

[Rogue Trader]

[h=1]Govt taking serious look at EC scheme[/h]<cite class="byline vcard" style="font-style: normal; color: rgb(125, 125, 125); font-size: 12px; font-family: Georgia, Times, 'Times New Roman', serif; vertical-align: middle; line-height: 2.2em; display: inline-block !important;">Property Guru – <abbr title="2013-04-29T06:01:26Z" style="border: 0px;">23 hours ago</abbr></cite>

By Nikki De Guzman:National Development Minister Khaw Boon Wan said there is "something wrong somewhere" with the executive condominium (EC) scheme due to "a sense of inequity", and it cannot carry on in its current form.

At a recent dialogue on housing, Mr Khaw highlighted the significant gap in subsidies that EC buyers get compared to subsidies for those purchasing public housing, as well as the profit EC owners can make from reselling their units.

"There is a sense of inequity here. The lower-income groups are getting less subsidies than somebody who is earning S$12,000," he said, adding that this goes against the principle that HDB's subsidies should be progressive, and that the lower-income should get more. "We cannot carry on the ECs with these current rules." Moreover, sales of some super-sized ECs made headlines between December 2012 and January 2013, including one which surpassed the S$2 million mark. This prompted the government to limit their maximum size to 160 sq m, while several MPs urged the scrapping of the scheme.

However, Mr Khaw defended the scheme, saying it "protects middle-income Singaporeans from competition" and ensures a market-friendly way of allowing them to buy condominiums at affordable prices. Notably, first-time buyers of Build-to-Order (BTO) flats and ECs get grants from the HDB to offset the price of their units. The latter is also marketed and built by private developers rather than the housing board and its income ceiling is S$12,000 compared to S$10,000 for BTO flats. After 10 years, they become private property and can be sold to foreigners. Meanwhile, Mr Khaw said his Ministry will remain vigilant to any abuse of the scheme, promising to address the issue should it persist.

Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email [email protected]

 

[halsey02]

Something is wrong with these overpaid ministars!..when the 'short hylam' was in charge, "COW" never questioned all these in parliament?? now he says.."there is something wrong"??:p

 

[zhihau]

when the 'short hylam' was in charge, "COW" never questioned all these in parliament?? now he says.."there is something wrong"??:p

hang that short hylum by his balls!

 

[Scrooball (clone)]

How long has EC being around? PinnoKhaw talking rubbish again.

 

[streetsmart73]

hang that short hylum by his balls!

hi there


1. bro, the shortie may not even have balls.
2. short prick nah
3. at the end of the day: honest mistake mah:p

 

[halsey02]

hi there


1. bro, the shortie may not even have balls.
2. short prick nah
3. at the end of the day: honest mistake mah:p

It is an optical illusion, may look longer than usual... ha ha ha ha

 

[yinyang]

So what's cooking? Reduce subsidy, levy or capital gains tax?

 

[laksaboy]

The thing is, if you stop now, those property flippers (who are PAP supporters) will be unhappy. And you never know what might happen in 2016.

Should have nipped it in the bud when Mah Bow Tan was in charge. What a deep hole the PAP has dug for itself!

 

[Scrooball (clone)]

PinnoKhaw must be senile! EC has been around for donkey years and only today he starts to notice something is wrong?

 

[streetsmart73]

another farter that goes around farting mah

 

[Rogue Trader]

~~heh heh heh~~
what can you all do?
Fire me lor..!
heh heh heh~~

 

[vincenttan]

When Garment did something wrong, just admit and can move on, but when a property agent didn't follow the proper procedures, license kena cheong kong lose rice bowl!!!

 

[halsey02]

When Garment did something wrong, just admit and can move on, but when a property agent didn't follow the proper procedures, license kena cheong kong lose rice bowl!!!

Simple! property agent don't follow rules " bo cheng hu"..."garment" don't follow rules, " I am cheng hu" so what!

 

[The_Hypocrite]

This is another of the Cow's production of hot air and bull dust. He said HDB should get back to basics. So why is he not doing it? Why is HDB developing rubbish like EC? I mean EC is crap...like condo but not condo..to me a real condominium is 999 years or freehold. I know my relatives have never touch it. It just look nice and have facilities..but same restrictions as HDB flat. where the F is the logic?

This is another scam to suck more money from the people. 1 more thing..when the cow said HDB lose millions..than does this take into account HDB sales of EC? what is the profit margin of ECs?

 

[Scrooball (clone)]

EC is for those who want to look rich but not really rich. Slightly higher scale if you compare it against DBSS.

 

[bryanlim1972]

EC is for those who want to look rich but not really rich. Slightly higher scale if you compare it against DBSS.

actually, there's not much difference between a 99 yr condo project and EC. the market is smart enough to know this, hence the huge rush for ECs.

now government is not happy this group is going to make more money, at the government's expenses. making (easy) money in singapore is reserved for the connected. peasants are expected to work hard and not reap super-normal profits from their homes.

 

[Logisex]

I was at the property expo at MBS last month and the ah neh from Propnex was frantically urging people to sell their HDB flat and buy EC saying that EC prices are dirt cheap comapred to condo price blah blah blah

Something fishy here.........

 

[Loofydralb]

KBW thinks only EC is wrong?

Now I'm telling you useless KBW, that your whole housing policy is wrong. So in the future don't pretend no one told you.

And I won't be the one to tell you how to fix it even though I know how. The policy solution that I have in mind will take care of the EC problems without the need for any tweaks for decades ahead.

FYI good policies will take care of itself with inherent inbuilt self control and regulation by the very subjects of that policy.

Bad ministers, on the other hand, need million dollars salaries to give the policies they craft, an air of legitimacy. They fail eventually.

 

[Kuailan]

Short Ass MBT has screwed us long time ago!

Mr. Cow please wake up from your sleep, prices of

EC has spiral up from $400k to Million dollars and u said

there's something wrong with the system..???


It's wrong all the time! but the gahmen has already pocket zillion $$
into your pocket and then u KpKb! something is wrong?

Come on Cow wake up lah...

 

[borom]

The basic flaw of our housing policies is simply one word -FOREIGNERS-i.e too many of them.
Allowing hugh number of foreigners into a small place and worst of all allowing foreigners (i.e PR's) to buy public housing.

Once you remove foreigners out of the equation -most of our problems will be resolved- i.e shortage of housing/high prices, trains overcrowing/breakdowns, lack of hospital beds, congestion on roads, lack of places in Universities, competition for PMET's jobs.

Since the party is not willing to even reduce the number of foriegners , we should vote them out instead.