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THE HOUSING Board will not raise the $8,000 income ceiling for first-time HDB flat buyers, despite numerous calls by MPs and the public to revise it.
National Development Minister Mah Bow Tan told Parliament on Thursday that the current income criteria captures some 8 in 10 Singaporean families, including upper-middle income ones.
'I hope members will agree with me that this is more than generous and will not be surprised if I tell them that HDB has no plans to revise the income ceiling,' said Mr Mah.
His response came three days after MPs like Mr Christopher de Souza (Holland-Bukit Timah GRC) pointed out that families earning more than $8,000 were stuck - as they were unable to purchase new homes, and yet could not buy them in the resale marke because of the runaway prices.
Mr Mah acknowledged that HDB resale prices had seen a 'heady' growth of about 17 per cent last year.
But he did not think this trend would continue and drew attention to other affordable alternatives.
For instance, families who exceed the income ceiling could turn to resale Executive flats.
Mr Mah also assured Singaporeans that the Government would ensure that HDB flats remained within the reach of the vast majority of Singaporeans, especially young couples looking to buy their first home.
For instance, they will get more chances in balloting exercises for new flats.
Mr Mah said the Government had spent an average of $1.4 billion a year over the last five years on public housing.
For the 2008 financial year, it was setting aside $1.6 billion as part of efforts to cater to Singaporeans' housing needs.
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