HDB: 7,000 news flats planned

HDB will launch new flats every month over the next six months, in response to increasing fears that the demand for flats is outstripping supply.

National Development Minister Mah Bow Tan, said that “HDB will build flats to meet demand as long as there's genuine demand.” HDB is planning to offer 7,000 new flats in the first half of 2010 and is expected to launch 12,000 new flats for the whole year.

For higher income earners who plan to purchase private property, Mr. Mah said that HBD is selling land plots for executive condominium developments – a new flat with condo facilities but with HDB rules.

Mr. Mah said that first-time homebuyers need not rush to buy flats, assuring them that there are “more than sufficient flats” in the country.

“If there is even stronger demand, of course HDB will build even more (flats).”

He claimed that the overwhelming response for recent launches, such as the popular Dawson development project, was not a measure of genuine demand.

“We know that many of them are multiple applicants... they apply every month to make sure they have a better chance... that means the numbers of subscribers may appear large, but it doesn't mean that that is the total demand,” he said, adding that “the final test is when we finally offer the flats to these flat buyers, (we'll) see what the take-up rate will be.”