In 2024, HDB launched 21,225 new flats, comprising 19,637 Build-To-Order (BTO) flats and 1,588 flats offered under the Sale of Balance Flats (SBF) exercise in February 2024. We remain on track to launch a total of 100,000 flats from 2021 to 2025.

Upcoming Flat Supply

2 In February 2025, HDB will offer about 5,000 BTO flats in Kallang/Whampoa, Queenstown, Woodlands and Yishun. In addition, HDB will hold the largest-ever SBF exercise in February 2025, to offer more than 5,500 flats across various towns/estates¹. About 4 in 10 will be completed units, and the remaining will be completed progressively from 2025 to 2028. In total, there will be more than 10,000 new flats on offer in February 2025. The final details of the BTO and SBF flats to be offered will be shared at the February 2025 sales exercise.

3 Flat buyers who wish to participate in HDB’s sales exercises must have a valid HDB Flat Eligibility (HFE) letter² when they submit their flat application. We encourage all flat buyers to apply for an HFE letter early and submit all required documents by 15 December 2024 if they are interested to participate in the February 2025 BTO and SBF sales exercises. As the number of HFE letter applications tend to peak closer to sales launches, those who do not meet the deadline of 15 December 2024 for their HFE letter application accompanied by all required documents for submission, may not receive their HFE letters in time to apply for a flat in the February 2025 BTO and SBF exercises. More information on the HFE letter is available on the HDB InfoWEB.

HDB Resale Market

4 HDB’s Resale Price Index (RPI) for 3rd Quarter 2024 is 192.9, representing an increase of 2.7% over the 2nd Quarter of 2024 (see Annexes A1 and A2).

5 Resale transactions for 3rd Quarter 2024 rose by 10.7%, from 7,352 cases in 2nd Quarter 2024 to 8,142 cases (see Annex B). Compared to 3rd Quarter 2023, resale transactions in 3rd Quarter 2024 were 21.6% higher. The vast majority of resale flats were transacted at a price much lower than $1 million in 3rd Quarter 2024 as resale transactions which surpassed the million-dollar mark continued to make up a small proportion of total resale transactions.

6 The median resale prices in the various towns in 3rd Quarter 2024 are tabulated in Annex C.

7 The increase in the 3Q2024 resale prices and volume was 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 The above statistics on the HDB resale market largely reflect the market conditions prior to the lowering of the Loan-to-Value limit for HDB loans from 80% to 75% on 20 August 2024 to cool the resale market and encourage greater prudence among home buyers. The Government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market. Meanwhile, households are strongly advised to exercise prudence in their property purchases as the property market moves in cycles and those who buy high will be hit harder when prices eventually come down.

HDB Rental Market

9 The median rents in the various towns in 3rd Quarter 2024 are tabulated in Annex D.

10 The number of approved applications to rent out HDB flats fell by 4.6% from 9,554 cases in 2nd Quarter 2024 to 9,118 cases (see Annex E). Compared to 3rd Quarter 2023, the number of approved applications in 3rd Quarter 2024 was 7.5% lower. As at the end of 3rd Quarter 2024, there were 59,178 HDB flats rented out, an increase of 1.0% over the previous quarter (58,596 units).

¹The new flat classification framework will not apply to existing HDB flats and flats launched before the October 2024 BTO exercise, when these units are re-offered for sale in SBF exercises.

²The HFE letter is valid for 9 months and will inform flat buyers upfront of their eligibility for a new or resale flat purchase, CPF housing grants, and HDB housing loan, including the respective grant and loan amounts.

Upcoming SBF Exercise in February 2025 and 3rd Quarter 2024 Public Housing Data