Chip Eng Seng / Property: NTUC Choice Homes Co-operative and Chip Eng Seng are launching a 99 yr leasehold 680-unit EC project in Punggol at ASPs of $660-690/psf, with a deferred payment scheme (DPS). Buyers can finance their homes through a normal payment scheme or the DPS….
Under the DPS, they need to pay only a 5% booking fee and 15% of the purchase price, and will not need to make further payments until project obtains its TOP. Several developers and consultants surprised to learn that DPS was allowed for EC projects as many in the property industry had assumed DPS was entirely scrapped in 2007 to curb speculation….
In Oct07, govt withdrew DPS for sale of uncompleted private residential, commercial and industrial properties, but the news release made no mention of ECs then. MCC Land is currently exploring offering both DPS and NPS for ‘The Canopy’, while United Engineers (UE) is also working towards offering DPS for its upcoming EC project, ‘Austville Residences’.
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