Minimum occupation period for ECs doubled to 10 years; first-time buyers to get greater priority

First-time buyers of executive condominiums are set to receive more support in securing a unit. The quota for first-time buyers has been raised to 90% from 70%, and their priority period has also been extended from one month to two years. However, the minimum occupation period for ECs will be doubled from five years to 10 years. Some industry watchers said the moves could help to lower prices and improve access for those with genuine housing needs. Strong price growth has pushed the median unit prices of new ECs up by more than 130% since 2016. Alexandra Anand reports.