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Singapore government won't raise household income limit for new HDB purchase

This is about:"Singapore government won't raise household income limit for new HDB purchase,The government will not be raising the $8,000 household income limit for the purchase of new HDB flats.National Development Minister Mah Bow Tan told parliame ...,rules,housing,Rules,Singapore Housing,Housing Rules "0

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发表于 23/10/2007 08:46:32 |显示全部楼层

The government will not be raising the $8,000 household income limit for the purchase of new HDB flats.

National Development Minister Mah Bow Tan told parliament this in response to a question by Sembawang GRC MP Dr Lim Wee Kiak.

He said under current guidelines, 8 in 10 Singaporean families are eligible to buy subsidized public housing.

Higher-income households exceeding the income ceiling have many other options including the resale of HDB flats, or new Executive Condominiums.

"As the vast majority of Singaporeans qualify for subsidized public housing under the current rules, HDB has no plans to raise the income ceiling. However, HDB recognizes there may be cases deserving special recognition and will exercise flexibility accordingly. HDB will continue to monitor its policies on income ceiling to ensure that the majority of citizen families can continue to enjoy subsidized public housing".

Despite recent increase in private as well as HDB resale prices, the prices of new HDB flats are still affordable.

Mr Mah said that the increase in property prices in recent years were supported by strong economic fundamentals.

He said private property prices have increased 23% over the last five years.

Prices of HDB resale flats have increased 11% over the same period, since 2002.

New flat prices are on average about 8% higher today compared to 2002 but they continue to be sold at subsidised prices.

"Just as the first time buyers of HDB resale flats enjoy a housing grant of $30,000 to $40,000 depending on whether they live near their families, those who buy new HDB flats also enjoy a discount off the equivalent market price. The difference of what the buyer pays for his new flat and what it is worth in the market, is the susbsidy provided by HDB to him".

Mr Mah says on average HDB households use about 20% of their monthly household income to service their mortgage loans.

This is below the normally accepted 30% to 40%.

Mr Mah says more than 70% of HDB households are are able to service their mortgage entirely from their CPF contributions.

He says the increrased activity in the construction industry would not directly impact on prices of new HDB flats.

That is because their prices are pegged to the resale prices and not based on costs.

rules, housing

Singapore Parliment: HDB income ceiling won't be raised

The government will not be raising the 8,000 dollars household income limit for the purchase of new HDB flats.

National Development Minister Mah Bow Tan told parliament this in response to a question by Sembawang GRC MP Dr Lim Wee Kiak.

He said under current guidelines, 8 in 10 Singaporean families are eligible to buy subsidized public housing.

Higher-income households exceeding the income ceiling have many other options including the resale of HDB flats, or new Executive Condominiums.

As the vast majority of Singaporeans qualify for subsidized public housing under the current rules, HDB has no plans to raise the income ceiling. However, HDB recognizes there may be cases deserving special recognition and will exercise flexibility accordingly. HDB will continue to monitor its policies on income ceiling to ensure that the majority of citizen families can continue to enjoy subsidized public housing

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