What was the initial purpose of creating this particular hybrid property type? Wasn’t it to help the so-called “sandwich class”? But now as property developers of new executive condominiums (ECs) are creating options which are comparable to private properties, does it still serve its original purpose? Who are the ones actually benefiting from the EC scheme?
Forestville EC in Woodlands
First up, one does need to be reminded that land sold under the Government Land Sales programme are priced cheaper than those for private properties. Considering that permanent residents (PRs) are the most avid buyers of resale executive condominiums, are the eligibility criteria too lax thus pushing the prices up as both property buyers and developers alike recognise the hidden value of ECs? And with the narrowing of the price gap between ECs and private properties, will this instead nudge the price tag of the latter even higher?
If you compare a penthouse in an EC at $1.7 million to one in the private market at more that $3 million, which would you go for? The answer is clear. Should ECs have penthouse units or should they belong in the private market altogether. Do you think the government should step in to manage this sector as they did the Design Build and Sell Scheme (DBSS)?