Tuesday, August 07, 2012

Khaw: HDB making steady progress, to build 20,000 flats next year

The Housing and Development Board (HDB) could build a minimum of 20,000 new flats next year, according to National Development Minister Khaw Boon Wan in a new blog post.

He noted that the HDB is expected to deliver around 50,000 flats from 2011 to the end of this year.

With the ramped up supply of new units, buyers will also have more choices and chances to acquire a flat, as indicated in the application rates of current BTO launches.

“First-timer application rates remain below 2.0. This means that almost all first-timers will get the chance to select a flat when they apply for one, especially in non-mature estates,” noted Mr Khaw.

On the other hand, second-timer application rates have stabilised significantly after exceeding by 25 in the past, which indicates “more certainty for second-timers to get a new flat”.

“These are good outcomes which we intend to sustain,” noted Mr Khaw, adding that another 8,000 new units will be launched by year-end and 3,000 balance flats will be released by September.

“Next year, we will keep up this momentum to help more Singaporeans own their flats. While the plan is still being finalised, I have told HDB to build at least 20,000 new flats next year.”

The Minister is optimistic that increasing supply will “firmly stabilise the housing market” and allow Singaporeans to make more prudent and wiser choices when buying homes.

View the original article here
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