Median waiting time for flats launched in 2023 back to pre-pandemic norm of 3 to 4 years

HDB launched 6,057 flats for sale today, under the December 2023 Build-To-Order (BTO) exercise. These flats are spread across eight new projects in both mature and non-mature estates. Four of the projects, or about half of all flats offered, have a waiting time of 4 years or less.

2 In line with our ongoing efforts to address the robust demand for housing, HDB committed to launching up to 23,000 flats in 2023. With this latest launch, HDB has launched a total of 22,780 BTO flats this year. Including the 1,500 and 167 flats offered under the Sale of Balance Flats (SBF) exercise and open booking of flats respectively, HDB’s total flat launch for 2023 stands at 24,447 flats.

3 HDB has been working on various measures to reduce the waiting time for upcoming BTO flats. These include the prioritisation of sites where construction works can begin earlier, breaking larger BTO projects into smaller projects for more efficient resource management by contractors and adopting innovative procurement practices in order to shorten the project duration and expedite project completion. Through these efforts, close to 70% of flats launched in 2023 will have wait times of 4 years or less. The median waiting time of BTO projects launched in 2023 is 3 years 10 months. This represents a return to the pre-pandemic norm and a significant improvement from the peak of the pandemic, which saw waiting times of 4 to 5 years. Going forward, HDB is committed to offering more BTO projects with waiting time of 3 to 4 years, and launching more shorter waiting time (SWT) flats from 2024.

Wide Selection of Affordable Flats for Different Budgets and Needs

4 The eight BTO projects in this exercise are in Bedok, Bishan, Bukit Merah, Bukit Panjang, Jurong West, Queenstown and Woodlands. A wide selection of flats, ranging from 2-room to 5-room flats, as well as Community Care Apartments ¹ (CCAs), is offered to meet diverse housing needs and budgets. All new flats are priced with significant market discounts to ensure affordability, and hence selling prices are considerably lower than the transacted prices of comparable resale flats.

5 Eligible first-timer families can benefit from the Enhanced CPF Housing Grant (EHG) of up to $80,000.With the EHG, flat buyers may buy a 3-room flat at $132,000 and a 4-room flat at $255,000 in the non-mature estate of Jurong West, and can service their mortgage through CPF with no cash outlay. In the mature estates, the prices after grants start from $238,000 and $376,000 for a 3-room and 4-room flat respectively, in Bedok. See Table 1 for the starting BTO flat prices before and after grants, and the comparable resale prices. More details on the BTO flat prices and nearby resale transactions can be found in Annex A.

Table 1: Flat Prices in December 2023 BTO Exercise

Town	Project	Flat Type	Selling Price (Excluding Grants)	Selling Price (Including Grants ^)	Transacted Prices of Resale Flats Nearby ^#
Non-Mature Estates
Bukit Panjang	Petir Park Edge	2-room Flexi	From $110,000	From $30,000	-
Bukit Panjang	Petir Park Edge	4-room	From $320,000	From $260,000	$520,000 - $570,000
Jurong West	Jurong Arcadia	2-room Flexi	From $110,000	From $30,000	$310,000 - $360,000
		3-room	From $207,000	From $132,000	$415,000 - $450,000
		4-room	From $315,000	From $255,000	$525,000 - $610,000
		5-room	From $431,000	From $386,000	$688,888 - $760,000
Woodlands	Woodlands Beacon Urban Rise @ Woodlands	2-room Flexi	From $145,000	From $65,000	$320,000 - $370,000
		3-room	From $251,000	From $176,000	$415,000 - $470,000
		4-room	From $318,000	From $258,000	$530,000 - $604,588
		5-room	From $468,000	From $423,000	$620,000 - $718,000
Mature Estates
Bedok	Chai Chee Green	CCA * (30-year Lease)	From $80,000	From $4,000 +	-
		3-room	From $298,000	From $238,000	$440,000 - $556,800
		4-room	From $421,000	From $376,000	$620,000 - $872,000
		5-room	From $569,000	From $539,000	$830,000 - $950,000
Bishan	Sin Ming Residences~	3-room	From $374,000	From $314,000	$440,000 - $511,000
Bishan	Sin Ming Residences~	4-room	From $519,000	From $474,000	$618,000 - $800,000
Prime Location Public Housing Model
Bukit Merah	Alexandra Peaks	2-room Flexi	From $218,000	From $138,000	$455,000 - $500,000
		3-room	From $380,000	From $320,000	$690,000 - $763,888
		4-room	From $533,000	From $488,000	$920,000 - $1,088,888
Queenstown	Ulu Pandan Vista	3-room	From $430,000	From $370,000	$655,000 - $715,000
Queenstown	Ulu Pandan Vista	4-room	From $598,000	From $553,000	$850,000 - $1,040,000

Note: Selling prices are rounded up to the nearest thousand dollars.

^ Unless otherwise stated, the starting prices of the flats are based on 99-year leases. For illustration purposes, the assumed EHG amounts are:

Community Care Apartment: $80,000
2-room Flexi flat: $80,000
3-room flat: $75,000 in non-mature town and $60,000 in mature town and Prime Location Public Housing Model
4-room flat: $60,000 in non-mature town and $45,000 in mature town and Prime Location Public Housing Model
5-room flat: $45,000 in non-mature town and $30,000 in mature town

The starting prices after grant amounts are illustrative, assuming that the household incomes of eligible first-time buyers of flats in the mature towns are higher. The actual grant amount received will depend on the buyers’ income and eligibility. Read more on EHG in HDB InfoWEB.

~ Prices include the costs of floor finishes, internal doors and sanitary fittings.
+ Buyers need to pay 5% of the published price using their CPF and/or cash savings when their EHG amount exceeds 95% of the published price.
* CCA prices include costs of pre-installed senior-friendly fittings and features, and do not include the costs of the mandatory Basic Service Package and optional services.
^# Details on the comparable resale flats can be found on the HDB Flat Portal. In making comparison, please take into account the differences in attributes between the comparable resale flats and the BTO flats.

Projects with Shorter Waiting Time

6 About half of the flats on offer in this launch will have a waiting time of 4 years or less. These flats are spread across four projects in both mature and non-mature estates. Flat buyers who are looking to move into their flats sooner may consider applying for the SWT project at Sin Ming Residences, which has a waiting time of about 2 years and 8 months.

Prime Location Public Housing

7 Two projects, Alexandra Peaks and Ulu Pandan Vista, are offered under the Prime Location Public Housing (PLH) model. Like BTO flats, these PLH flats are priced lower than comparable resale flats, considering the location, individual flat attributes, and prevailing market conditions. Given that new flats in prime locations naturally command higher market values, these PLH flats will be priced with additional subsidies on top of the substantial market discounts applied across all BTO flats. This will ensure that flat prices remain affordable for a wide range of Singaporeans. To maintain parity with other BTO flat owners who are not accorded these additional subsidies, PLH flat owners will be required to pay HDB, a percentage of the resale price of the flat upon selling it, after meeting the 10-year Minimum Occupation Period (MOP).

8 Against the backdrop of increasing prices in the resale market, HDB will, in tandem, be increasing additional subsidies to ensure that the PLH projects offered in the December 2023 sales exercise remain affordable. With these additional subsidies and the substantial market discounts already applied across all BTO flats, the selling prices of the PLH flats in Alexandra Peaks and Ulu Pandan Vista will be significantly lower than the transacted prices of comparable resale flats nearby (refer to Table 1). Consequently, for fairness, the subsidy recovery rate for these two projects will be set at 8%, to be commensurate with the extent of the additional subsidies provided. Owners of these flats will have to return 8% of the resale price or valuation (whichever is higher), upon the sale of their flats.

9 20% of the PLH flats in Alexandra Peaks and Ulu Pandan Vista will be set aside for first-timer families; and 2% for second-timer families under the Married Child Priority Scheme. This is two-thirds of the usual quota ² for BTO flats in mature estates.

Advice for Flat Buyers

10 The First-Timer (Parents & Married Couples) category has been in effect since the October 2023 BTO sales exercise, to enable young married couples, and parents with young child(ren) to secure a flat more quickly. To better prioritise and allocate flats to those with more pressing housing needs, we have also tightened the rules for non-selection of flats. BTO/ SBF applicants who have received a queue position within the flat supply (e.g. in the October 2023 BTO exercise) will not be eligible to apply for a flat in subsequent BTO/ SBF exercises (e.g. in the December 2023 BTO exercise) until after their flat booking appointment. This ensures that they do not crowd out other applicants who have not secured a queue position. We encourage all flat applicants to carefully consider when they should apply for a new flat and to book a flat when invited to do so.

11 For this launch, we expect high application rates for flats in the mature estates of Bedok and Bishan, as well as the non-mature estate of Bukit Panjang, where the supply is relatively small, with the last project launched several years ago. Applicants who wish to improve their chances of securing a flat are encouraged to apply for a flat in the non-mature towns of Jurong West and Woodlands, where at least 95% of the 4-room and bigger flats are set aside for first-timer families. To further increase their chances, applicants are encouraged to look out for projects with lower application rates. Information on application rates of each BTO project is available on the HDB Flat Portal, which is updated several times a day throughout the 7-day application window.

12 Applicants are encouraged to plan their finances carefully and select a suitable flat based on their budget, needs and preferences.

Application for December 2023 BTO Exercise

13 Applicants who wish to participate in the December 2023 BTO sales exercise must have a valid HDB Flat Eligibility (HFE) letter ³ when they submit their flat application. It takes about a month to process an HFE letter application after HDB receives all the required documents, and processing may take longer during peak periods like a BTO sales launch. As such, we had announced earlier that flat applicants should apply for an HFE letter and submit all required documents by 11 November 2023, to be able to apply for a flat in this sales launch. More information on the HFE letter is available on the HDB InfoWEB.

14 Flat applications can be made online via HDB Flat Portal from today (5 December 2023) to 11 December 2023. Applicants can apply for only one flat type/category in one town under the BTO exercise. There is no need to visit HDB Hub to get the information or make an application. HDB will shortlist applicants using a computer ballot, and not on a first-come-first-served basis. Hence, applicants do not need to rush to submit applications within the first few hours or even the first few days of the application period, and can submit their application any time during the 7-day period. More details on the application procedures can be found in Annex B.

15 All the information on the flats offered is available on the HDB Flat Portal or through scanning the QR code below.

05122023-QR-code

16 Applicants without Internet access may seek support from their family members. Those who need further assistance, such as seniors without family support, may call the HDB Sales/Resale Customer Service Line at 1800 - 866 3066.

Upcoming BTO Exercise in February 2024

17 In February 2024, HDB will offer about 4,100 flats in Bedok, Queenstown, Choa Chu Kang, Hougang, Punggol and Woodlands. The supply will be subject to review, as project details are firmed up closer to the launch date. Flat buyers interested to apply for a flat must have an approved HFE letter. We encourage all flat buyers to apply for an HFE letter early and submit all required documents by 15 January 2024 if they are interested to participate in the February 2024 sales launch.

18 To ensure that Singaporeans have more choices, HDB will consolidate available SBF supply and conduct the next SBF exercise next year. More details on the next SBF exercise will be released when ready.

19 HDB is committed to providing affordable and accessible housing options to buyers, and will continue to monitor the housing demand closely, making adjustments where necessary. We remain on track to launch a total of 100,000 flats from 2021 to 2025. More details on the flat supply for 2024 will be announced separately.

¹ The CCA project in this sales exercise is the third CCA project that we have launched.

² The priority quota for BTO flats in mature estates are 30% for first-timer families, and 3% for second-timer families.

³ The HFE letter will inform flat buyers upfront of their eligibility for a new or resale flat purchase, CPF housing grants, and HDB housing loan, including the respective grant and loan amounts. As of 7 Nov, HDB has extended the validity of all existing and new HFE letters to 9 months.

HDB Launches More Than 6,000 Flats in December 2023 BTO Exercise