HDB Flats with Annual Value of $13,000 or More

Parliamentary Question by Mr Gerald Giam Yean Song:

To ask the Deputy Prime Minister and Minister for Finance (a) how many HDB flats currently have an Annual Value (AV) of $13,000 or more; (b) of these, how many have zero Per Capita Household Income; (c) what were these two figures in 2022 before the AVs were increased on 1 January 2023 to reflect the rise in market rents.

Parliamentary Reply by Senior Minister of State for Finance, Mr Chee Hong Tat:

Madam Deputy Speaker, all HDB flats had an Annual Value (AV) of below $13,000 in 2022, as their AVs are set based on market rents in the preceding year. 

Market rentals rose sharply in 2022.  As a result, there are now about 430,000 or about 40% of HDB flats with AV of $13,000 or more. Based on estimates from the Department of Statistics, about 36,000 resident households with zero monthly household income from work live in HDB flats with AV of $13,000 or more.  

Madam Deputy Speaker, as MOF announced previously, the AVs of 2022 are still being used to determine eligibility for social support schemes. MOF had also mentioned that we are reviewing the AV thresholds to ensure that Singaporeans in need are able to receive the appropriate support. We will provide an update on the revised AV thresholds for social support schemes when ready.