Upcoming Flat Supply

HDB will offer about 8,500 flats across 15 Build-To-Order (BTO) projects in the October 2024 BTO exercise¹. The new BTO projects will be offered as Standard, Plus or Prime flats based on their specific locational attributes. The various flats would ensure a wide range of affordable housing options for buyers with different budget and needs. More details on the projects will be shared during the launch.

2 Flat buyers must have a valid HDB Flat Eligibility (HFE) letter to apply for a new or resale flat. For those who are interested to participate in the October 2024 BTO exercise, we encourage them to apply for an HFE letter early and submit all required documents by 15 September 2024.

3 HDB is committed to providing affordable and accessible housing options to Singaporeans. We 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.

HDB Resale Market

4 HDB’s Resale Price Index (RPI) for 2nd Quarter 2024 is 187.9, representing an increase of 2.3% over the 1st Quarter of 2024 (see Annexes A1 and A2).

5 Resale transactions for 2nd Quarter 2024 rose by 4.0%, from 7,068 cases in 1st Quarter 2024 to 7,352 cases (see Annex B). Compared to 2nd Quarter 2023, resale transactions in 2nd Quarter 2024 were 12.9% higher. Resale transactions that have surpassed the million-dollar mark continued to make up a small proportion of total resale transactions in 2nd Quarter 2024, and the vast majority of resale flats were transacted at a much lower price and remained affordable.

6 The median resale prices in the various towns in 2nd Quarter 2024 are tabulated in Annex C.

7 The increase in the 2Q2024 resale prices and volume were driven by a strong broad-based demand, as well as some supply tightness in the market with fewer new flats meeting the Minimum Occupation Period in 2024 as compared to 2023.

8 While overall economic conditions are sound, the global economic outlook is subject to uncertainties, particularly stemming from ongoing geopolitical instabilities that could precipitate global supply and demand shocks. Domestic mortgage rates are expected to remain elevated relative to the low level seen over the past decade. Households should exercise prudence in their property purchases and ensure that they can service their mortgages over the long term. 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

9 The median rents in the various towns in 2nd Quarter 2024 are tabulated in Annex D.

10 The number of approved applications to rent out HDB flats rose by 1.7% from 9,398 cases in 1st Quarter 2024 to 9,554 cases (see Annex E). Compared to 2nd Quarter 2023, the number of approved applications in 2nd Quarter 2024 was 2.9% lower. As at the end of 2nd Quarter 2024, there were 58,596 HDB flats rented out, an increase of 0.4% over the previous quarter (58,355 units).

¹Subject to review, as project details are firmed up closer to the launch date.

Upcoming Flat Supply and 2nd Quarter 2024 Public Housing Data