At least 20,000 new Housing and Development Board (HDB) flats will be built next year, said National Development Minister Khaw Boon Wan on his blog on Monday.
Mr Khaw said the government has made steady progress in ramping up supply and stabilising the housing market, and it wants to keep up the momentum and help more Singaporeans own their own flats.
“I expect this sustained supply to firmly stabilise the housing market. This will give Singaporeans many options as they make their flat purchases prudently and wisely,” he said.
Mr Khaw said the application rates for July’s Build-To-Order (BTO) exercise showed that the ramp-up in supply of flats since last year – to hit a total of 50,000 by the end of this year – have helped flat-buyers and have made an impact on application rates.
“First-timer application rates remain below 2.0. This means that almost all first-timers will get the chance to select a flat when they apply for one, especially in non-mature estates,” said Mr Khaw. “Second-timer application rates, which used to exceed 25, have come down significantly. This means there is more certainty for second-timers to get a new flat.”
The second-timer application rates for the July BTO exercise, according to data released by the HDB on Monday, stands at 11.4.
Source : Channel NewsAsia – 6 Aug 2012