According to speeches by the Minister for National Development, Mr. Lee Zhi Sheng, and government-released data, this trend is primarily influenced by the government's proactive interventions and the dynamics of market supply and demand.
Data from the Statistics Bureau show that the resale prices of government-built Housing Development Board (HDB) flats rose by 1.8% in the first three months of 2024, marking the 16th consecutive quarter of increase since the second quarter of 2020. Simultaneously, data from the Urban Redevelopment Authority (URA) indicate that private residential prices increased by 1.4% in the first quarter. This trend reflects the continuous demand for real estate and the government's efforts to increase housing supply.
shicheng.news
Minister Lee Zhi Sheng noted that while prices may fluctuate within the quarter, the annual trend shows that last year's price increase was significantly lower than the previous year. This suggests that government policy measures and the increase in market supply are gradually taking effect. For example, the government committed to launching 100,000 Build-To-Order (BTO) flats from 2021 to 2025, and over 67,000 units have already been introduced to the market. Additionally, the government plans to launch 5,450 units of private housing in the first half of 2024 to meet market demands.
To ensure stability in the real estate market, the government has implemented a series of cooling measures. These measures are designed to ensure that housing prices align with economic fundamentals and prevent overheating in the market. Despite recent concerns over some high-priced transactions, the minister emphasized that transactions over one million Singapore dollars still constitute only a small portion of the market.
In terms of promoting community development, the government supports various projects through the Vibrant Places Fund. Among these, the Greenfly Distribution Park in the Wen Li area is the latest project and the 15th park supported by this fund. These projects include community gardens and multi-story car park rooftop green spaces, aimed at improving residents' quality of life and the community environment.
