Prime Minister Mr. Lee Hsien Loong announced during the National Day Rally that the income ceiling, which was untouched for 17 years to be raised from the maximum $8,000 to $10,000 and for ECs from $10,000 to $12,000.
From Channel News Asia,
SINGAPORE: The government will raise the qualifying income ceilings of households for HDB’s Build-To-Order (BTO) flats and Executive Condos (EC), said Prime Minister Lee Hsien Loong in his National Day Rally speech on Sunday evening.
The qualifying income ceilings of households for BTO flats will be increased from the current S$8,000 to S$10,000, and for ECs from the current S$10,000 to S$12,000.
Prime Minister Lee Hsien Loong made the announcements in his National Day Rally speech on Sunday evening.
He said HDB will also build another 25,000 BTO flats next year to meet demand and keep prices of new flats stable and affordable.
The government will also be adding 7,000 rental units over the next two years and postponing demolition of some SERS blocks to be used as temporary rental units.
Mr Lee said the moves will ease the waiting time for needy Singaporeans who require rental flats.
The prime minister also made the commitment to keep housing available and affordable for Singaporeans.
What it means for fellow Singaporeans
Young couples who worry about their combined income ceiling will now be able to apply for their BTO (Built to Order) flats, they cater especially to a special group as mentioned by PM Lee, who are earning just below the HDB income ceiling as ‘most worried’. There are more of such couples as incomes have gone up and people are also marrying later, he said. Hence, HDB will be raising this ceiling.
You would probably see more demand for ECs and BTOs in the next recent months, and new condominium launches for the mass market more cooled off in terms of transactions.