Press release from MN on the revised income ceiling of $12,000 to apply to all EC projects from immediate effect:
On 15 Aug 2011, we raised the monthly income ceiling to purchase new Executive Condominiums (ECs) from $10,000 to $12,000, for EC projects which were launched for public sale from 15 Aug 2011. Our intent was to ensure that the income ceiling would be applied consistently within each EC project.
We have, however, received many appeals to apply the revised income ceiling of $12,000 to all EC projects, regardless of their launch date for public sale. If approved, this will enable homebuyers to enjoy a wider selection of EC units across projects and locations.
MND has reviewed the public feedback and agreed that the suggestion was sound. With immediate effect, the revised income ceiling of $12,000 will apply to all EC projects. At the moment, five EC projects which were launched before 15 Aug 2011 still hold about 600 unsold units (details of these projects can be viewed on the HDB InfoWeb). Potential EC buyers will benefit from a wider choice.