In the past year, there has been a decrease in the application rate for BTO projects, and rental rates for public housing have shown signs of easing. Wong pointed out that the application rate for BTO projects dropped from 5.8 in 2020 to 2.9 last year, indicating changing market demand. While resale prices for public housing have increased, the rate of increase is less than half of the previous year.

In the private residential sector, the price increase last year was 6.8%, lower than the 8.6% increase the year before. Overall transaction volume also hit a new low since 2016, decreasing by 13% year-on-year. In the rental market, public housing rents saw a slight increase in the last quarter of the year, while private residential rents experienced their first decline.

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To increase housing supply, the HDB set targets in 2021 to introduce 100,000 new BTO units by 2025. As of last month, the HDB has launched over 67,000 units for application, making up two-thirds of the target. Additionally, the government launched 9,250 private residential units under the government land sales program last year and will continue to launch 5,450 units in the first half of this year.

Wong emphasized that the government will continue to monitor market dynamics closely and stand ready to increase supply as needed. He also mentioned that the redevelopment of older HDB estates is a highly complex task that requires balancing the future housing needs of Singaporeans and considering the needs of different generations. He noted that the redevelopment plan will be a multi-decade project, ensuring that all aspects are carefully planned and detailed plans will be announced at the appropriate time.