EC Cooling Measures : Reduce EC Cancellation Fees from 20% to 5%
Cancellation fees for EC Executive Condo will be reduced from 20% to 5% of the purchase price. This will relieve the financial burden of buyers who have to cancel their EC Executive Condo bookings after signing the Sale & Purchase Agreement.
The new cancellation fee will be applied to EC Executive Condo land sales which are launched on or after 9 Dec 2013, including those where the tenders have not closed.
Unlike buyers of private housing, buyers of EC Executive Condo units cannot sub-sell their units if they cannot complete their purchase, and have to pay the cancellation fee. This has especially imposed significant financial burden on young couples who subsequently are not able to proceed with their marriage and hence the EC Executive Condo purchase.