The Terrace EC

HOUSING policy changes announced by Prime Minister Lee Hsien Loong in his National Day Rally speech on Sunday were seen as efforts to boost home ownership for home renters as well as the middle-income and sandwiched classes, while promoting inclusiveness at the same time.

Mr Lee announced four changes in all. Firstly, the income ceiling for HDB flats will be raised from S$10,000 to S$12,000, while that for executive condominiums (ECs) – a public-private housing hybrid – will be raised from S$12,000 to S$14,000.

He said this is to allow more Singaporeans to buy new HDB flats and ECs. National Development Minister Khaw Boon Wan had earlier hinted at this move in June, noting that incomes have gone up since the ceiling was last raised in 2011 (see chart). This is also in light of couples marrying later and crossing the income ceiling by the time they’ve settled down.

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