COOLINGMEASURESFOREXECUTIVECONDOMINIUMDEVELOPMENTS

WEF9Dec2013

RefiningECHousingScheme

1.REDUCEECCANCELLATIONFEES

AppliedtoEClandsales launchedonorafter9Dec2013,includingthosewherethetendershavenotclosed.

OldCancellationFee(aftersigningofS&P) 20%ofthepurchaseprice

NewCancellationFee(aftersigningofS&P) 5%ofthepurchaseprice

NOTE:beforesigningofS&P,forfeitedis25%of5%bookingfee.

2.RESALELEVYFORSECONDTIMERAPPLICANTS

AppliedtoEClandsales launchedonorafter9Dec2013,includingthosewherethetendershavenotclosed.

PayResaleLevy(refertotable1&2)

TABLE1:RESALELEVYAMOUNT:FIRSTSUBSIDIZEDFLATSOLDONORAFTER3MARCH2006

FirstSubsidizedFlatType

ResaleLevyAmountHouseholds SinglesGrantrecipients

2room $15,000 $7,500

3room $30,000 $15,000

4room $40,000 $20,000

5room $45,000 $22,500

Executive $50,000 $25,000

SinglesLevyisHalf ofHouseholds

TABLE2:RESALELEVYAMOUNT:FIRSTSUBSIDIZEDFLATSOLDBEFORE 3MARCH2006

FirstSubsidizedFlatType

ResaleLevyAmountHouseholds SinglesGrantrecipients

2room 10%^ or 15% 5%^ or 7.50%

3room 20% 10%

4room 22.50% 11.25%

5room&Executive 25% 12.50%

SinglesLevyisHalf ofHouseholds

ResaleLevy1. BasedonresalepriceofflatOR2. 90%ofmarketvaluation(Whicheverishigher)

^onlyappliesto2roomsellersupgradingtolargerflat

3.REVISIONOFMORTGAGELOANTERMS

AppliedtoECpurchaseswheretheOTPisgrantedonorafter10Dec2013.

30%MortgageServicingRatio(MSR)cap

SUMMARY

1.ECCancellationFees:5%ofpurchaseprice2.ResaleLevyforSecondTimerApplicants3.RevisionofMortgageLoanTerms:30%MSRcap

SOURCE

http://app.mnd.gov.sg/newsroom/newspage.aspx?id=5023&category=press+release&year=2013&ra1&ra2&ra3