My opinion about the recent fiasco about the $2.05mil EC Penthouse is published in the Straits Times Forum today( Click here).
Part of the information in the letter was from this post from TR Emeritus ( click here)
The original letter is as follows:
According to HDB’s website, the eligibility criteria for EC’s include being Singaporean and being part of a family nucleus. More significantly, the average gross monthly household income must not exceed S$12,000.
The EC in question is CityLife@Tampines, a joint venture by 3 developers, Creative Investments (40%), subsidiary of Amara Holdings Ltd, Singxpress Property Development (30%) and Kay Lim Realty (30%). This JV successfully bid $233.5 million for the land when the tender closed on 10 May 2012.