Upcoming Flat Supply

HDB is committed to providing affordable and accessible housing options to Singaporeans for every budget and need, especially for first-time home buyers. We will continue to closely monitor the housing demand, making adjustments where necessary. As of February 2024, we have launched more than 67,000 flats and we 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 firmed up 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 the required documents by 15 May 2024 if they wish to participate in the June 2024 BTO exercise.

HDB Resale Market

3 HDB’s flash estimate of the 1st Quarter 2024 Resale Price Index (RPI) is 183.5, an increase of 1.7% over that in the 4th Quarter of 2023 (see Annexes A1 and A2). This is higher than the 1.1% growth in 4th Quarter 2023. Taken together, the 2.8% increase over 4th Quarter 2023 and 1st Quarter 2024 is the same as the total increase over 2nd Quarter and 3rd Quarter 2023.

4 The resale volume in 1st Quarter 2024 (up to 27 Mar) is 6,928. This is 5.5% higher than the same period last year (6,567 cases).

5 On the whole, the HDB resale market is stabilising, as HDB resale prices rose 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.

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 1st Quarter 2024 Resale Price Index