According to Singapore's Minister for National Development, Lawrence Wong, during the debate on departmental spending estimates in Parliament, the application rate for BTO flats continues to decline, and the rate of increase in resale flat prices has significantly decreased.

In recent years, BTO flat projects have sparked intense competition, with situations where five or six people vie for one unit not uncommon. However, recent data shows that the application rate for BTO flats in 2023 has dropped to 2.9, significantly lower than 5.8 in 2020. This indicates a more balanced supply-demand relationship, reduced competition among homebuyers, and consequently a slowdown in the resale flat market.

The situation for private residential properties is also relatively stable. The price increase last year was 6.8%, slightly lower than the 8.6% from the previous year. Additionally, the overall housing transaction volume in 2023 dropped by 15%, reaching the lowest level since 2016. This suggests a weakening demand from homebuyers, and the market is gradually stabilizing.

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For the rental market, both public and private housing rents have seen a downward trend. In the last quarter, public housing rents saw a slight increase of 0.4%, but decreased by 1.5 percentage points compared to the previous quarter. Private residential rents also declined by 2.1% quarter-on-quarter, marking the first decrease in nearly three years.

To meet market demand, the Singapore government has formulated a series of supply plans. The Housing and Development Board plans to launch 100,000 new BTO flats by 2025, with over 67,000 units already available for application. Additionally, through land sales programs introduced last year, the government introduced 9,250 private residential units, with plans to launch 5,450 units in the first half of this year from the confirmed list. The government has pledged to closely monitor market trends and increase supply when necessary to meet demand.