Upcoming Flat Supply

HDB remains committed to providing affordable and accessible housing options to Singaporeans, especially for first-time home buyers. We will continue to closely monitor the housing demand and make adjustments as necessary. As of February 2024, we have launched more than 67,000 flats and remain on track to launch a total of 100,000 flats from 2021 to 2025.

2 HDB plans to launch about 19,600 Build-To-Order (BTO) flats in 2024. In the February 2024 BTO and Sale of Balance Flats exercises, HDB offered 4,126 flats across seven BTO projects and 1,588 balance flats respectively. In June 2024, HDB will offer about 6,800 BTO flats in Jurong East, Kallang/Whampoa, Queenstown, Tampines, Woodlands, and Yishun. The supply is subject to review, as project details are finalised closer to the launch date. Flat buyers interested to apply for a flat must have a valid HFE letter. We encourage all flat buyers to apply for an HFE letter early and submit all required documents by 15 May 2024 if they wish to participate in the June 2024 BTO exercise.

HDB Resale Market

3 HDB’s Resale Price Index (RPI) for 1st Quarter 2024 is 183.7, representing an increase of 1.8% over the 4th Quarter of 2023 (see Annex A). This increase is higher than the 1.1% growth as observed in 4th Quarter 2023. Taken together, the 2.9% increase over 4th Quarter 2023 and 1st Quarter 2024 is close to the total increase of 2.8% over 2nd Quarter and 3rd Quarter of 2023.

4 Resale transactions for 1st Quarter 2024 rose by 8.0%, from 6,547 cases in 4th Quarter 2023 to 7,068 cases (see Annex B). Compared to 1st Quarter 2023, resale transactions in 1st Quarter 2024 were 1.3% higher.

5 The median resale prices in the various towns in 1st Quarter 2024 are tabulated in Annex C.

6 On the whole, the HDB resale market is showing signs of stabilising, as HDB resale prices rose by 4.9% in 2023, less than half of the 10.4% increase in 2022, and the 12.7% increase in 2021. The economic outlook is subject to uncertainties, particularly stemming from ongoing geopolitical conflicts, which could precipitate negative global supply and demand shocks. Domestic mortgage rates are expected to remain at levels that are elevated relative to the low levels seen over the past decade. As such, households should continue to exercise financial prudence in their flat purchases. The Government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market.

HDB Rental Market

7 The median rents in the various towns in 1st Quarter 2024 are tabulated in Annex D.

8 The number of approved applications to rent out HDB flats fell by 4.0% from 9,787 cases in 4th Quarter 2023 to 9,398 cases (see Annex E). Compared to 1st Quarter 2023, the number of approved applications in 1st Quarter 2024 was 2.7% lower. As at the end of 1st Quarter 2024, there were 58,355 HDB flats rented out, an increase of 0.3% over the previous quarter (58,159 units).

Upcoming Flat Supply and 1st Quarter 2024 Public Housing Data