HDB reviewing income ceiling for purchase of 2-room flats in non-mature estates

HDB reviewing income ceiling for purchase of 2-room flats in non-mature estates

    By Olivia Siong
    POSTED: 08 Jul 2013 9:47 PM
  
National Development Minister Khaw Boon Wan said the Housing and Development Board is reviewing the income ceiling for the purchase of two-room flats in non-mature estates.

SINGAPORE: National Development Minister Khaw Boon Wan said the Housing and Development Board is reviewing the income ceiling for the purchase of two-room flats in non-mature estates.

He said this in a written parliamentary reply on Monday to Nominated MP Mary Liew, who asked if there were plans to review the monthly household income ceiling of S$2,000 for such flats.

This is in light of the national effort to improve wages for the lower-income group, and to improve the take-up rate.

Mr Khaw said the HDB reviews its policies regularly and added this review will be finalised soon.

Last year, the HDB raised the monthly household income ceiling for the purchase of two-room flats in mature estates from S$2,000 to S$5,000.

Mr Khaw said while the demand for new two-room flats may be lower initially at Build-To-Order sales launches, take-up rates tend to improve as the flats near completion.

This is because the flats cater partly to those who are looking to rightsize and move from their existing unit to a smaller flat.

Mr Khaw pointed out these people are looking for nearly-completed or completed units which they can move into quickly.

For example, the take-up rate for two-room flats in Fernvale Crest increased from 48 per cent at its June 2009 launch, to 97 per cent after its completion this year.

- CNA/xq


- wong chee tat :)