The National Development Minister, Chee Hong Tat, said the government is currently reviewing the age at which singles can buy Build-to-Order (BTO) flats, as well as the income ceilings for public housing. He made it clear that any changes would happen at an “appropriate time” when the housing supply and demand are right.
According to Mr. Chee, the government plans to launch around 55,000 BTO flats between 2025 and 2027. This is a 10% increase from their original plan of 50,000 flats. These new flats will be in areas like Mount Pleasant, Woodlands North Coast, Sembawang North, and the former Keppel Club golf course.
HDB will offer around 4,500 flats with shorter waiting times this year, which is more than they initially planned. They also plan to increase the number of shorter-wait flats to about 4,000 annually over the next two years.
In the private market, the government will sustain a “steady level” of supply by launching more than 25,000 private residential units from 2025 to 2027 through the Government Land Sales programme.
Together with 45,000 units already in the pipeline, more than 70,000 new private housing units are expected to be completed by around 2030. Mr. Chee said this is needed because demand is still strong, partly from young people who increasingly want their own homes. The government also wants to “support more people to be eligible to try for new BTO flats” through these plans.
Resale Market and Policy Changes
The government’s goal is for resale prices “to move in tandem with income growth” over time, without too much volatility. He said that recent cooling measures have already led to “some moderation in price growth,” citing the lowest quarter-on-quarter growth in five years.
He expects prices to become even more stable starting next year because more BTO flats will reach their minimum occupation period (MOP) and be put up for resale. The number of such flats is projected to be 13,500 in 2026, up from 8,000 this year. The number will go up further to 15,000 in 2027 and 19,500 in 2028.
This stabilisation, he added, could pave the way for another big change: the removal of a temporary 15-month waiting period for private property owners before they can buy a non-subsidised HDB flat. Mr. Chee noted,
“Once the market prices stabilise in the resale market, I think it (will be) timely for us to then consider removing this temporary cooling measure.”
Monitoring Tariff Impact
Mr. Chee was also asked about the US’s tariff blitz and its impact on housing developers and contractors in Singapore.
He said the government is closely watching global supply chains and the cost of imported products. It is working with “different partners, besides the US,” to ensure supply security.
He also said the government will help the local industry become more productive and efficient, for example, by cutting down on red tape and helping small firms get new technology.
He admitted that “Some of the costs we can’t avoid because our land costs will be higher, our labour costs will be higher compared to many other countries, but in areas where we can control and we can bring down, we should.” The government, he said, will “work closely with our industry partners to see how far we can go.”
