PropNex CEO Ismail Gafoor said it looks like the demand for new public housing has largely stabilised.
“Moving forward, we would expect overall application rates of BTO launches to generally range between two and three times, although it could vary slightly at times, depending on the supply and location of flats launched,” he said.
Mr Gafoor noted that projects in non-mature towns have a higher overall application rate than those in mature estates. By flat types, two-room flexi flats and five-room flats came out on top, higher than three-room and four-room flats.
“It is evident that larger BTO flats remain most popular among applicants, but given the strong demand, especially among second-timers, a good number of applicants would likely be left disappointed, and may eventually turn to the resale market for five-room flats,” he said.
“HDB could perhaps explore ramping up the supply of five-room flats in non-mature estates to meet the stronger demand for such flats.”
In total, HDB has launched 24,447 flats this year, comprising 22,780 BTO flats, 1,500 Sale of Balance flats and 167 flats under the open booking of flats.
The Housing Board said close to 70 per cent of flats launched in 2023 have wait times of four years or less.
“This represents a return to the pre-pandemic norm and a significant improvement from the peak of the pandemic,” it said.
In February 2024, HDB will offer about 4,100 flats in Bedok, Queenstown, Choa Chu Kang, Hougang, Punggol and Woodlands.
