that those looking to buy HDB flats or executive condominiums will have their incomes assessed over a period of 12 months, instead of the most recent three or six months, depending on whether one is a salaried employee or self-employed.
Property analysts and agents who TODAY spoke to also said that the various changes would not have a large impact on housing demand and prices, as the moves are mainly procedural in nature.
Agreeing, both Mr Chris Koh, director of property firm Chris International, and ERA real estate agent Jack Tan said that stretching the review period to over 12 months will be good for those with unstable incomes, such gig workers. In short, extending the assessment period to 12 months will make getting round the rule harder since it would require one to be without income for a much longer period of time, though it does not make it entirely impossible.
This meant that under previous rules, couples using such a workaround would have greater access to housing grants than would have been the case if both spouses were co-applicants. Prof Sing said those with fluctuating incomes and would thus benefit from the longer assessment periods do not make up a huge proportion of buyers.