HDB to launch
17,000 new flats in 2018
SINGAPORE: The Housing and Development Board (HDB) will launch
about 17,000 new flats in 2018, Minister for National Development
Lawrence Wong said in a blog post on Thursday (Dec 14).
"For 2018, HDB will maintain a steady supply of about 17,000 new
flats, comparable to the 17,584 flats launched in 2017," he
wrote.
"Over the course of the coming year, new flat buyers can look
forward to a good spread of projects across mature and non-mature
estates, including flats in the new Tengah town.
"In the second half of 2018, we will launch about 1,000 flats in
Sembawang, Sengkang and Yishun," he added. "These flats will have
shorter waiting times of about 2.5 years, instead of the typical
three to four years for most other BTO projects."
He added that the Government would continue to "calibrate our flat
supply carefully, taking into account underlying demand and the
stability of the HDB resale market".
This year has been "another fruitful year for public housing", said
Mr Wong, citing the enhancement of the CPF Housing Grant for
first-timer couples as an example of the Government's efforts to
help such families move in to their homes more quickly.
About 6,900 first-timer households have benefitted from the
enhanced grant, he said, while about 840 households have received
higher Parenthood Provisional Housing Scheme rent subsidies.
In addition, about 800 households have booked a flat through the
first Re-Offer of Balance Flats exercise launched in
August.
Mr Ismail Gafoor, CEO of PropNex noted that the BTO subscription
rate is declining.
"In the last three years the subscription rate has relatively been
dropping. For 2017, the last three BTO exercises the subscription
rate has been below 2 - 1.5 to 1.7.
"Therefore 17,000 units for next year sounds reasonable to make
sure there isn’t a glut and a lot of people will have a good chance
of getting it in their first or second attempt."
Mr Donald Han, managing director of Hospitality Strategies Asia
Pacific said that the steady stream of new flats is unlikely to
impact the private property market.
“It is a market which private property cannot provide because these
properties provided by BTO are generally less than half a million
in terms of total budget. And those which are offered by private
property are beginning to hover around the $800,000 entry level and
beyond. So two different segments of market altogether.
"Each have got its own roles - both are pillars, foundation that
support different segments of the market. But I think generally it
doesn’t have much of an impact bearing into 2018 and even looking
into the effect on prices and supply of each other."
Additional reporting by Wendy Wong.
Source: CNA/nc