Despite construction delays brought on by the COVID-19 pandemic, HDB is set to launch at least 17,000 BTO flats in 2022.
The Housing and Development Board (HDB) is set to launch over 17,000 Build-to-Order (BTO) flats in 2022, reported Channel News Asia (CNA) citing National Development Minister Desmond Lee.
Speaking in Parliament on Monday (26 July), the minister noted that the COVID-19 pandemic has led to construction delays and manpower crunch.
Despite this, HDB remained on track to launch about 17,000 BTO flats this year, up from the 16,800 flats last year and 14,600 units in 2019, he said.
Lee made the statement in response to Member of Parliament Gan Thiam Poh’s (PAP-Ang Mo Kio) question on whether HDB can increase the BTO supply in the next three years to make up for the pandemic-led delay in construction.
Lee explained that the Government had ramped up BTO launches over the years to cater to the needs of young families including “echo boomers”, which refer to the children of baby boomers.
“For next year, we’re still looking at demand and keeping track of the property market, and we will announce the figures for next year’s launch soon,” he said as quoted by CNA.
“Having said that, we do not see that we will reduce the number of flats launched next year—and certainly, it will be above 17,000 flats.”
In a recent media release, HDB said that demand for BTO flats has increased over the years, with the overall application rate for each unit rising to 5.8 in 2020 from 2.3 in 2017.
Demand for new flats within mature estates was particularly strong, with application rates for each flat jumping to 6.7 in 2020 from 2.8 in 2017.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: firstname.lastname@example.org