2022 BTO Flat Launch: 19,600 Units, 3,800 with Under 3-Year Wait
SINGAPORE – In an effort to meet the increasing demand for public housing, the government has announced the launch of 19,600 Build-to-Order (BTO) flats in 2025. Among these, a significant 3,800 flats will have waiting times of under three years, providing a much-needed relief for eager homeowners.
Boosting Public Housing Supply
Minister for National Development Desmond Lee shared this exciting news in an interview, revealing that the Housing Board plans to offer over 5,500 units in February through its largest-ever Sale of Balance Flats exercise. This will bring the total number of flats available this year to an impressive 25,000 units.
The flats will be classified into three categories – Standard, Plus, and Prime – located in various areas such as Kallang/Whampoa, Bukit Merah, and Woodlands, among others. This comprehensive approach aims to cater to the diverse needs and preferences of potential homeowners.
Addressing Challenges and Meeting Goals
The increased housing supply is a direct response to the challenges posed by the COVID-19 pandemic, which disrupted construction and labor, leading to delays in BTO completions. However, the government has swiftly adapted to these challenges, resolving issues and clearing the backlog of delayed projects.
The average application rate for first-time buyers has significantly dropped, indicating a more favorable environment for aspiring homeowners. This drop in application rates is a direct result of the increased supply of flats with shorter waiting times, a trend that is set to continue in the coming years.
Changes and Initiatives Ahead
Looking ahead, the government is committed to introducing initiatives that prioritize singles applying for flats to live with or near family members. The new Family Care Scheme (FCS) will replace existing schemes, allowing singles to participate in the housing market more effectively.
Moreover, the upcoming BTO exercise will see a reduction in queue numbers issued, providing more certainty for buyers in selecting their desired flats. This adjustment aims to benefit genuine homebuyers, especially first-timers, ensuring a smoother and more transparent process.
As the government continues to adapt to changing market conditions and demands, Minister Desmond Lee emphasized the importance of staying aligned with economic fundamentals and introducing measures to support housing affordability.
With these exciting developments on the horizon, Singaporeans can look forward to a more inclusive and sustainable housing landscape in the years to come.