As you can see, Singapore has been getting a little attention and more intriguing due to its forthcoming releases namely the Boardwalk Residences, The Panorama, along with the Nine Residences. The recent launching of the Live on Wilkie, Alex Residences, and the Onze @ TanjongPagar created people, both novice and foreign buyers crave for more places which are only within walking distance to the business hub and MRTs. Last year, last 9th of December, the MND or Singapore’s Ministry of National Development implemented new measures, which influenced the whole rivercove residencesexecutive condo marketplace. The intention of the law is to make a more stable and sustainable marketplace for the executive condo or EC.
Cancellation fee speed
The speed of this ECs cancellation fee is currently 5 percent. It’s been decreased from 20% to five %. Buyers who decide to not drive with their buy after signing the Sale & Purchase agreement would find relief with the new cancellation fee. This produces that the EC cancellation fee at a competitive position contrary to the HDB BTO units that is exactly the exact same to next timer applicants paying a resale levy. The law includes tenders which weren’t closed yet.
Introducing 30% cap on MSR
Singapore will implement the 30% cap on the Mortgage Servicing Ratio. That can be applicable only to units purchased straight from the Rivercove Residencescondominium developers. This is a large change from the current practice where there’s not any MSR limit on most of EC purchases. The tendency is creating the EC in accord with the current practice of their HDB flats. The implementation is allowed to people with Option to Buy created after the 10th of December.