This press release provides information on the upcoming flat supply and the HDB resale and rental markets in 4th Quarter 2022.

Upcoming Flat Supply

2               In February 2023, HDB will offer about 4,400 BTO flats in towns/estates such as Jurong West, Kallang Whampoa, Queenstown, and Tengah. In May 2023, HDB will offer between 3,800 and 4,800 flats in towns/estates such as Bedok, Kallang Whampoa, Queenstown, Serangoon, and Tengah. These numbers are subject to review as more project details will be firmed up closer to the launch dates.

3               In 2023, HDB plans to offer up to 23,000 BTO flats.  HDB is prepared to launch up to 100,000 flats in total from 2021 to 2025, if needed.  HDB will continue to monitor housing demand and make adjustments, where necessary.

HDB Resale Market   

4        The Resale Price Index (RPI), which reflects the general price movements in the resale market, for 4th Quarter 2022 is 171.9, an increase of 2.3% over that in 3rd Quarter 2022 (see Annex A).  This is a slower increase than the 2.6% increase in 3rd Quarter 2022 and is the slowest increase in the past year.  For the whole year of 2022, resale prices have risen by 10.4%, which is slower than the 12.7% increase in 2021.

5        Resale transactions fell by 12.6%, from 7,546 cases in 3rd Quarter 2022 to 6,597 cases in 4th Quarter 2022 (see Annex B).  Compared to 4th Quarter 2021, resale transactions in 4th Quarter 2022 were 16.9% lower.  For the whole year of 2022, resale transactions decreased by 10.1%, from 31,017 cases to 27,896 cases.

6        The median resale prices in the various towns in 4th Quarter 2022 are tabulated in Annex C.

HDB Rental Market   

7        The median rents in the various towns in 4th Quarter 2022 are tabulated in Annex D.

8        The number of approved applications to rent out HDB flats rose by 3.5%, from 8,192 cases in 3rd Quarter 2022 to 8,476 cases in 4th Quarter 2022 (see Annex E). Compared to 4th Quarter 2021, the number of approved applications in 4th Quarter 2022 was 19.7% lower. For the whole year of 2022, approved applications to rent out HDB flats decreased by 15.1%, from 42,623 cases to 36,166 cases.  As at the end of 4th Quarter 2022, there were 56,647 HDB flats rented out, an increase of 0.5% over the previous quarter (56,372 units).