It is anticipated that around 19,600 new housing units will be launched throughout Singapore during the year, distributed across various popular regions to provide homebuyers with diverse options.
The October sales event will introduce a new "Standard-Enhanced-Quality" classification for the first time, accompanied by different resale conditions. Additionally, the government has eased the conditions for single individuals to purchase HDB housing, enabling them to apply for any category of BTO housing.
In addition to BTO units, the February sales event will also offer approximately 1,500 balance sale units.
To expand the choices for homebuyers, HDB also plans to reduce waiting times, with an expected 75% of newly launched units having a waiting time not exceeding four years by 2024. This measure aims to adopt more efficient schemes to meet citizens' needs, providing more housing units during sales events and improving the success rate for homebuyers.
Prime Minister Lee Hsien Loong pledges to maintain the affordability of HDB housing prices and gradually offer more housing subsidies, especially for low-income and middle-income families. He also emphasizes the benefits of a longer minimum occupancy period to attract buyers planning long-term residency and prevent short-term property resale.
Through these measures, HDB demonstrates its commitment to meeting the diverse housing needs of citizens, reflecting the development and innovation in Singapore's public housing market. With scarce undeveloped land for new town and regional construction, HDB will build more housing in existing or nearby areas.
These homes are often situated in more central locations, such as the upcoming 5,000-unit housing project in Mount Pleasant, a former location of the Police Academy. Such new projects, located in older areas with better facilities, are likely to be more popular and naturally incur higher costs.
With the advancement of the three BTO sales events in 2024, Singapore's public housing market is expected to witness a more diversified and efficient development. HDB will continue to provide affordable and accessible housing options, adjusting the sales process flexibly based on market responses and demands. This strategy aims to better meet citizens' housing needs and expectations.
