As you can see, Singapore has actually been obtaining some attention and even more interesting because of its upcoming launches namely the Boardwalk Residences, The Scenic view, and also the Nine Residences. The current launch of the Liv on Wilkie, Alex Residences, and the Onze @ Tanjong Pagar made people, both resident and international customers, crave for more areas that are just within strolling range to business center and also MRTs. This year, last 9th of December, the MND or Singapore's Ministry of National Advancement carried out new steps, which affected the entire exec condo market. The purpose of the regulation is to produce a much more stable and also sustainable market for the executive condo or EC.
Termination fee rate
The price of the ECs termination cost is now 5%. It has been decreased from 20% to 5%. Customers who choose not to press with their acquisition after authorizing the Sale & Acquisition agreement would certainly locate alleviation with the brand-new cancellation cost. This makes the EC cancellation cost in an affordable position versus the Parc Canberra HDB BTO units, which coincides to second timer applicants paying a resale levy. The law consists of tenders that were not closed yet.
Presenting 30% cap on MSR
Singapore will implement the 30% cap on the Mortgage Servicing Ratio. This is applicable just to units purchased straight from the apartment designers. This is a huge adjustment from the present technique where there is no MSR cap on all EC acquisitions. The trend is making the EC in line with the existing practice of the HDB flats. The execution is provided to those with Option to Acquisition made after the 10th of December.
What Are the most up to date Adjustments to the Executive Condominium Market in Singapore? 