National Development Minister Lawrence Wong revealed that around nine in 10 first-timer families and seven in 10 second-timer families had successfully applied for Build-To-Order (BTO) flats in non-mature estates from 2013 to 2015, reported Channel NewsAsia.
Responding to a parliamentary query from MP Alex Yam, Wong said that most flat applicants who were unsuccessful in their multiple applications had applied for flats that are in high demand but are limited in supply, like those located in mature estates and balance flats.
He stated that the Housing Board had tapered the BTO supply to 15,100 flats in 2015 from 22,400 in 2014 after the demand-supply balance was restored.
In 2016, the HDB is looking to release around 18,000 BTO units in order to meet the new demand arising from recent policy changes such as the enhanced Special CPF Housing Grant and higher income ceilings, the Minister said.
“We will continue to monitor the market closely and adjust the supply when necessary, in line with our broader plan to keep supply at a sustainable level over the long-term,” added Wong.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
