EC penthouse sold for record S$2.05m

[tankee]

SINGAPORE: An executive condominium (EC) penthouse, with a record price-tag of S$2.05 million, was sold about an hour after the launch of the project on Saturday.


A spokesman for the CityLife@Tampines project said the sale was made just after 11am.

Channel NewsAsia understands that the buyers are a married young couple from a multi-generation family.

Channel NewsAsia also understands that the buyers intend to live in the penthouse with their parents and siblings.

CityLife EC is located at Tampines Avenue 7.

- CNA/xq

http://www.channelnewsasia.com/stories/singaporelocalnews/view/1245071/1/.html

[Oppsgal]

So much money.

[3Boys]

Developers exploiting loopholes and consumer psyche and laughing all the way to the bank. Public housing gone mad.

[ChiefKiasu]

3Boys:

Developers exploiting loopholes and consumer psyche and laughing all the way to the bank. Public housing gone mad.

But that's exactly what will happen if public housing is given over to the free markets.

[3Boys]

ChiefKiasu:

3Boys:

Developers exploiting loopholes and consumer psyche and laughing all the way to the bank. Public housing gone mad.

But that's exactly what will happen if public housing is given over to the free markets.

Privatisation itself (IMO) is not the issue, regulation (or lack thereof), is.

Simple cap, no EC to be sold at more than 5X annual household salary ($12,000 x 12 x 5) = $720,000. Developers build to a price. Mother/Father loan becomes irrelevant, there is still opportunity for capital gain, but playing field is levelled.

[AC_Power]

3Boys:

Developers exploiting loopholes and consumer psyche and laughing all the way to the bank. Public housing gone mad.

What loopholes?

[3Boys]

AC_Power:

3Boys:

Developers exploiting loopholes and consumer psyche and laughing all the way to the bank. Public housing gone mad.

What loopholes?

There is no cap on affordability. Many folk are buying \"by proxy\", financed by parents or relatives.

[starlight1968sg]

I wish I have that $$

[tankee]

3Boys:

AC_Power:

[quote=\"3Boys\"]Developers exploiting loopholes and consumer psyche and laughing all the way to the bank. Public housing gone mad.

What loopholes?

There is no cap on affordability. Many folk are buying \"by proxy\", financed by parents or relatives.[/quote]Do they qualify for first time buyer grant? :?

[Busymom]

tankee:

3Boys:

[quote=\"AC_Power\"]
What loopholes?

There is no cap on affordability. Many folk are buying \"by proxy\", financed by parents or relatives.

Do they qualify for first time buyer grant? :?[/quote]I am told \"yes\", that there is $30,000 CPF Housing Grant for the first time home buyer. Seriously it doesn't make sense.