More Than 21,000 Families Benefited from Income Ceilings Raised

SINGAPORE — More singles will qualify to buy new or resale two-room flats from the HDB, with the income ceiling raised from S$5,000 to S$6,000, in tandem with the higher income ceilings for households to buy new flats and Executive Condo (EC) units. The existing executive condo includes The Terrace EC and Brownstone EC while upcoming ones include Signature At Yishun EC and The Criterion EC.

The higher income ceilings were first announced at the National Day Rally yesterday (Aug 23). For those buying EC units with tiered housing grants. the income ceiling for ec is now S$14,000, up from S$12,000.

executive condo and income ceiling pic 1

The income ceiling has also been raised for elderly citizens who qualify for monetisation options like the Lease Buyback Scheme, the Silver Housing Bonus and the short-lease 2-room Flexi flats. The ceiling is now S$12,000, up from S$10,000, in line with the increase for Singaporean households buying new flats as well as resale flats with a CPF Housing Grant.

Revealing more details today, the Ministry of National Development and Housing and Development Board said more than 21,000 families benefited after income ceilings were raised in 2011. The authorities did not have figures as to how many would benefit this time.

In June, Minister for National Development Khaw Boon Wan during a “live” talk show on Capital 95.8FM that he was in favour of more Singaporeans living in HDB flats, even if they have greater means and do not need Government-subsidised housing.

Speaking to reporters after the briefing today, Mr Khaw said: “My objective are quite clear, that home ownership is a very important part of the governance of Singapore … But as society evolves, salaries adjustment, you need to adjust the policies as we go along.”