Upcoming Flat Supply

HDB will launch over 25,000 new flats in 2025 comprising 19,600 Build-To-Order (BTO) flats across three sales exercises and more than 5,500 flats under the Sale of Balance Flats (SBF) exercise. Of the 19,600 BTO flats, about 3,800 units are shorter waiting time flats with waiting time of less than three years. We are on track to launch about 102,300 BTO flats from 2021 to 2025, exceeding our commitment to launch 100,000 flats over the 5-year period.

2 In February 2025, HDB will offer about 5,000 BTO flats in Kallang/Whampoa, Queenstown, Woodlands and Yishun. At the same time, HDB will hold the largest-ever SBF exercise with more than 5,500 flats across various towns/estates¹ with about 4 in 10 units already completed. In total, more than 10,000 new flats will be offered under the BTO and SBF exercises in February 2025.

3 HDB is committed to provide affordable and accessible housing options to buyers, and will continue to monitor the housing demand closely, making adjustments where necessary.

HDB Resale Market

4 HDB’s Resale Price Index (RPI) for 4th Quarter 2024 is 197.9, representing an increase of 2.6% over the 3rd Quarter of 2024 (see Annexes A1 and A2). This is slightly lower than the 2.7% increase in 3rd Quarter 2024. For the full year of 2024, resale prices have risen by 9.7%.

5 Resale transactions for 4th Quarter 2024 fell by 21.1%, from 8,142 cases in 3rd Quarter 2024 to 6,424 cases (see Annex B). Compared to 4th Quarter 2023, resale transactions in 4th Quarter 2024 were 1.9% lower. For the full year of 2024, the total resale volume increased by 8.4%, from 26,735 cases to 28,986 cases.

6 The median resale prices in the various towns in 4th Quarter 2024 are tabulated in Annex C.

7 The resale prices in 4th Quarter 2024 continued to be driven by a strong broad-based demand, as well as some supply tightness in the market. The Government lowered the Loan-to-Value limit for HDB housing loans from 80% to 75% in August 2024 to cool the market and encourage greater prudence among home buyers.

8 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 if prices weaken. The Government will 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 4th Quarter 2024 are tabulated in Annex D.

10 The number of approved applications to rent out HDB flats fell by 5.6% from 9,118 cases in 3rd Quarter 2024 to 8,603 cases (see Annex E). Compared to 4th Quarter 2023, the number of approved applications in 4th Quarter 2024 was 12.1% lower. For the full year of 2024, the total approved applications to rent out HDB flats decreased by 6.3%, from 39,138 cases to 36,673 cases. As at the end of 4th Quarter 2024, there were 59,043 HDB flats rented out, a decrease of 0.2% over the previous quarter (59,178 units).

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

Upcoming Flat Supply And 4th Quarter 2024 Public Housing Data