Upcoming Flat Supply

To meet the increased housing demand in recent years, HDB has ramped up the supply of Build-To-Order (BTO) flats and offered more than 63,000 flats in the last 3 years¹. Another 19,600 BTO flats will be launched in 2024, of which 2,800 flats will have shorter waiting time of less than 3 years.

2 HDB will conduct three BTO exercises in February, June and October 2024. With three BTO launches this year instead of four, home buyers can look forward to a bigger housing supply at each launch. This will enable them to select from a wider range of flats and locations and enjoy a higher chance of success in finding a flat that meets their budget and needs. In addition, this will reduce the extent of overlap between the selection exercises and provide greater certainty for home buyers.

3 In February 2024, HDB will offer about 4,100 BTO flats in Bedok, Queenstown, Choa Chu Kang, Hougang, Punggol and Woodlands. About 1,500 flats will also be offered under the Sale of Balance Flats exercise across various towns/estates, to provide more options to home buyers. The supply is subject to review, as project details are firmed up closer to the launch date.

HDB Resale Market

4 Home buyers also have the option of purchasing resale flats. The rate of increase in resale prices has continued to moderate following the Government’s implementation of a strong pipeline of housing supply, as well as cooling measures to promote a stable and sustainable property market. More broadly, as global economic activities are expected to ease further in 2024, and domestic mortgage interest rates remain elevated, households should continue to exercise financial prudence in their flat purchases.

5 HDB’s Resale Price Index (RPI) for 4th Quarter is 180.4, an increase of 1.1% over that in the 3rd Quarter of 2023 (see Annex A). This is lower than the 1.3% growth in 3rd Quarter 2023, and the average quarterly growth of 2.5% in 2022. For the full year of 2023, resale prices have risen by 4.9%, less than half of the 10.4% increase in 2022.

6 Resale transactions for 4th Quarter 2023 fell by 2.2%, from 6,695 cases in 3rd Quarter 2023 to 6,547 cases (see Annex B). Compared to 4th Quarter 2022, resale transactions in 4th Quarter 2023 were 0.8% lower. It is also the lowest 4th Quarter volume since 2020. For the full year of 2023, the total resale volume decreased by 4.2%, from 27,896 cases to 26,735 cases.

7 The median resale prices in the various towns in 4th Quarter 2023 are tabulated in Annex C.

HDB Rental Market

8 The median rents in the various towns in 4th Quarter 2023 are tabulated in Annex D.

9 The number of approved applications to rent out HDB flats fell by 0.7% from 9,852 cases in 3rd Quarter 2023 to 9,787 cases (see Annex E). Compared to 4th Quarter 2022, the number of approved applications in 4th Quarter 2023 was 15.5% higher. For the full year of 2023, the total approved applications to rent out HDB flats increased by 8.2%, from 36,166 cases to 39,138 cases. As at the end of 4th Quarter 2023, there were 58,159 HDB flats rented out, an increase of 0.6% over the previous quarter (57,797 units).

¹ HDB offered 17,100 flats in 2021, 23,200 flats in 2022, and 22,800 flats in 2023.

Upcoming Flat Supply and 4th Quarter 2023 Public Housing Data