The income ceiling was set at S$1,000 for 3-room HDB flats in 1965, a figure which reached S$5,000 by 1990. Different flat types had different income ceilings (details needed)
In the early 1990s, when both the private and public housing market prices were rising steeply, the Government revised the income ceiling three times in four years from S$5,000 in 1990 to S$8,000 in 1994. The S$8,000 ceiling then stayed for the next 17 years. Income ceiling was revised in 2011, 2015 and last time in 2019.
I suggest raising income ceiling to $16,000 for HDB and $20,000 for Executive Condominiums (double of 1994-2011 ceiling) because raising with flat $2000 reduce potential EC buyers.
| Date | New HDB flats | Executive Condominium |
|---|---|---|
| 1994 | $8000 | $10,000 |
| 15 August 2011 | $10,000 | $12,000 |
| 24 August 2015 | $12,000 | $14,000 |
| 11 September 2019 | $14,000 | $16,000 |
