New Exec Condo Anchorvale Lane
New EC Condo at Anchorvale Lane a government Land Sales for 1st half of 2016 is soon to be open for tender this June 2016. This will be another New Exec Condo land sales in the congested Sengkang area where there are already more than 4000 units and with this upcoming New Exec Condo at Anchorvale Lane there seems to have an oversupply of ECs in Sengkang.
If there’s pending oversupply of New Exec Condos, why than developers are still so keen to bid for them? Maybe there are a few factors that the developers feel that bidding for New Exec Condo land site are still worthwhile.
- Developers are not subject to Qualifying Certificate QC terms and conditions when they won the land bid.
- Lands sold by the government are exempted from the Residential Property Act (RPA)
meaning that, the housing developer shall within five years from the date of the Qualifying Certificate (or five years from the date of the Collective Sale Order for a collective sale deal approved under the Land Titles (Strata) Act) complete construction of the whole housing development and obtain the Temporary Occupation Permit or Permits (TOP) for the whole housing development.
- During 2015’s National Day Rally, the Prime Minister announced the raising of the income ceiling for ECs from $12,000 a month to $14,000, this will mean that more buyers will be able to buy these New Exec Condos.