CEO of realty company Century 21, Ku Swee Yong wrote an article which was published in the TODAY newspaper last Friday. It was about the recent raise in income ceiling for new home purchases.
The income ceiling for buying a new Build-to-Order (BTO) flat and Executive Condominium (EC) unit has been raised from $10,000 to $12,000 and from $12,000 to $14,000 respectively.
Some people may argue that such measure is a thinly-veiled election gimmick. The last time the government raised the income ceiling was in 2011, during the 2011 General Election.
In the article, Ku quoted some calculations. If 10 per cent of the newly eligible middle-high income families opt to buy a new BTO flat or EC unit, this means taxpayers will have to fork out an extra $525.6 million in housing grant….