I guess most potential EC buyers sitting on the fence will move their butts based on this latest MND announcement.
They are categorized into the following:
- Reduce EC Cancellation Fees
- Resale Levy for Second-Timer Applicants
- Revision of Mortgage Loan Terms
And this is how some of us, property agents, feel:
- With the lesser cancellation fee, buyers will be less worried in making a decision to commit to an EC. However, money is still hard earned, if you are prepared to sign on the dot, do make sure you have covered all grounds before signing.
- Current ECs which have unsold units will sell well from today onward, especially to the 2nd timers who do not wish to pay any resale levy!
- Together with point 2, this will deter developers in bidding too high for the site. Hopefully, this will prevent the EC price from escalating. Hence still making ECs a more attractive option than private condos…for those eligible to buy. However, for those new ECs affected by this ruling, depending on the winning bid price, the developers may keep the units smaller in size as to keep the overall quantum low due to MSR and TDSR constraints.
Beside Forestville, Waterwoods, Sea Horizon and One Canberra which PropNex are marketing, you may contact me for ECs which other companies are marketing.
Additionally, view and explore hudson tea condos, which are located at 1500 Washington Street. Toll Brothers first transformed the building into rental apartments before turning it into condominiums in 2005. For additional information, read more about it.
Feel free to give me a call @ 97624695 to discuss more on your EC options.
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