Upcoming Flat Supply

In August 2023, HDB will offer about 6,700 Build-To-Order (BTO) flats in towns/estates such as Choa Chu Kang, Kallang Whampoa, Queenstown and Tengah. In November 2023, HDB will offer about 6,300 flats in towns/estates such as Bedok, Bishan, Bukit Merah, Bukit Panjang, Jurong West, Queenstown and Woodlands. A total of 13,000 BTO flats will be offered in the second half of this year, about 31% more than the 9,923 units launched in the first half of the year. These numbers are subject to review as more project details will be firmed up closer to the launch dates.

2 To meet the increased housing demand, HDB has ramped up the supply of BTO flats by 35%, from 17,100 flats in 2021, to 23,200 flats in 2022, and 23,000 flats in 2023. HDB will continue to monitor the housing demand closely and continue to maintain a steady pipeline of supply. Meanwhile, we remain on track to launch a total of 100,000 flats from 2021 to 2025.

HDB Resale Market

3 The Government has implemented cooling measures since Dec 2021 to promote a stable and sustainable property market. These include measures to moderate demand in the HDB resale market and encourage prudent borrowing, such as a wait-out period of 15 months before private property owners are allowed to purchase a non-subsidised HDB resale flat, and lowering the Loan-to-Value (LTV) limit for HDB housing loans from 90% to 85%, and further to 80%. With these measures in place, we are seeing some moderation in the rate of increase in resale prices.

4 HDB’s flash estimate of the 2nd Quarter 2023 Resale Price Index (RPI) is 176.0, an increase of 1.4% over that in the 1st Quarter of 2023 (see Annexes A1 and A2). This is a higher increase than the 1.0% growth in 1st Quarter 2023 but still lower than the average quarterly growth of 2.5% in 2022.

5 The resale volume in 2nd Quarter 2023 (up to 29 Jun) is 6,409. This is 4.6% lower than the same period last year (6,720 cases). It is also the lowest in the last three years since 3rd Quarter 2020.

6 The RPI provides information on the general price movements in the resale public housing market. The transacted prices of individual flats (by block and flat type) can be found via the e-services on HDB InfoWEB.

Upcoming Flat Supply and Flash Estimate of 2nd Quarter 2023 Resale Price Index