In 2025, HDB will roll out about 19,600 flats. - ST
SINGAPORE: The public and private housing markets have started to stabilise, and the property market should start to ease when housing supply increases, said National Development Minister Desmond Lee on April 15.
This is due to more public and private housing supply coming on board, along with an increased number of Housing Board flats that are eligible to be resold after completing their mandatory five-year minimum occupation period (MOP) from 2026, he said.
In the first quarter of 2025, HDB and Urban Redevelopment Authority (URA) statistics showed that prices of HDB flats grew by an estimated 1.5 per cent while private homes grew by an estimated 0.6 per cent – both at slower paces compared to the previous quarter.
At a press conference announcing the refreshed PAP slate in West Coast-Jurong West GRC, where he is anchor minister, Lee said housing, along with the cost of living, jobs and the economy are issues that voters will be concerned about ahead of the coming polls. Parliament was dissolved on April 15, and Nomination Day will be on April 23.
These are not new issues, he noted.
Lee, who is also the Minister-in-charge for Social Services integration, said: “In almost every GE, these are hot-button issues because they affect so many people, particularly during this period in the aftermath of the pandemic, where there have been a lot of challenges, both locally and globally.”
Addressing shocks to the housing market caused by the Covid-19 pandemic is something the government has been working on, he added.
He said: “Ever since the supply-demand imbalance created by Covid-19, we have worked hard to stabilise the construction sector because that is critical to ensuring that both public and private projects can get off the ground.”
“We’ve done that and significantly ramped up supply in order to meet the needs of Singaporeans on housing,” he added.
Lee had previously said that more than 50,000 Build-To-Order (BTO) flats will be launched from 2025 to 2027, including 12,000 flats with shorter waiting times of less than three years.
In 2025, HDB will roll out about 19,600 flats.
On the private property front, housing supply from the government land sales programme will be raised to 8,505 units in the first half of 2025, up from 8,140 units in the second half of 2024.
During the press conference, Lee said HDB had worked hard to deliver all 75,800 flats – across 92 housing projects – that were delayed by the Covid-19 pandemic, with the last project delivered in January 2025. He thanked residents who had patiently waited for their flats.
Beyond tackling supply-demand challenges, the Standard, Plus and Prime housing categories, which took effect in October 2024, were meant to “position ourselves for the future” by ensuring affordable and inclusive housing across Singapore and for all Singaporeans.
Prime and Plus flats, which are located closer to amenities such as MRT stations, come with stricter resale conditions such as a 10-year MOP and a subsidy clawback. Standard flats come with a five-year MOP and do not have a subsidy clawback clause.
Lee added that while some would “wish the property market cycle follows political cycles,” that “should not be the way.”
He said: “As stewards of resources – as government – we need to make sure that we address supply and demand sensibly.” - The Straits Times/ANN
