Singapore’s Housing Development Board (HDB) has announced that it will launch around 19,600 new apartments through three build-to-order (BTO) exercises this year.
This is the lowest number of new apartments offered since 2021. For comparison, there were 17,100 apartments offered in 2021. 23,200 apartments in 2022. In 2023, there will be an increase of 22,800 apartments.
From 2024, HDB will conduct three BTO exercises and one Balance Flat Sale (SBF) a year. From his BTO sales activity in October 2024, HDB will introduce new classifications of apartments in the Standard, Plus and Prime categories.
Of the 19,600 apartments to be released this year, 2,800 are expected to be completed within three years. This is up from his 732 apartments in 2023 with a similar completion time. Additionally, 75 percent of BTO apartments to be delivered in 2024 will be completed within four years, reducing waiting times for BTO apartments to pre-pandemic levels.
HDB said the reduction in the number of BTO launch exercises was done in response to stabilization of BTO application rates.
Eugene Lim, principal executive officer of ERA Realty, said in a press release on January 8 that the overall BTO application rate has increased by 2023 since HDB started enforcing “strict provisions” for the BTO sales exercise. He said it has been stable since October. Upon selecting a flat, HDB will cancel the existing application by the same applicant for his subsequent BTO/Balance Flat Sale (SBF) exercise.
Previously, applicants could increase their chances of securing a BTO apartment by applying to multiple sales launches. The current ruling allows an applicant to select only one town or estate and flat category for her at the start of each BTO sale.
For sales launches in October and December 2023, the median application rate for first-time applicants for apartments with three or more rooms fell to 0.9 and 0.8, respectively. This was lower than the application rates of 1.9 times and 2.3 times in February and May 2023, when the ruling was not in force.
Reducing the number of BTO sales exercises could help applicants by providing “more flat options at the start of each BTO sale, providing applicants with ample choice of BTO flats,” it said. he said.
HDB said spacing out the start of BTO sales will also reduce the extent of overlap between selection efforts and provide more certainty for homebuyers. This ensures that if a BTO applicant is unsuccessful, they still have time to apply for the next sales launch.
HDB said it has successfully completed about 80% of projects delayed due to the pandemic, or a total of 73 projects from October 2020 to December 2023. His remaining 19 delayed projects are still under construction, with expected completion dates in early 2025.
The next BTO sales exercise is scheduled for February. HDB will offer approximately 4,100 BTO apartments in Bedok, Queenstown, Choa Chu Kang, Hougang, Punggol and Woodlands. Approximately 1,500 of his SBF apartments will be built in various towns and housing estates.
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