Another Successful Year of Housing a Nation

SG50 has been a special year for all Singaporeans.

As we celebrated our Golden Jubilee, we also had many moments to reflect on our progress as a nation.

A major part of this journey in nation building is our home ownership programme.

This morning, I visited a few families who recently moved into their new flats in the Tampines Greenlace BTO project.

Both families applied under the Married Child Priority Scheme, and are now living close to their parents.

With the completion of some 26,000 new flats in 2015, I’m glad that many families like Mr and Mrs Tan and Mr Hilmi and Mdm Somaiah can look forward to welcoming the New Year in their new HDB homes.

In 2015, HDB launched some 15,000 new BTO flats.

The BTO application rate for first-timer families (applying for 3-room and bigger flats in non-mature estates) has stabilised to about 1.6 times. This means that most of these families would have been able to book their flats in their first attempt.

We are also on track for a soft-landing in the property market.

Resale prices have softened gradually to 2011 levels, and more than half of resale flats are now transacting close to their market value. This is a good outcome for both buyers and sellers.

The more stable market environment has enabled us to enhance our housing policies to benefit a broader spectrum of Singaporeans. These include new 2-room Flexi flats, higher income ceilings, and additional grants, like the new Proximity Housing Grant and the enhanced Special CPF Housing Grant.

We’ve had very good response to these new policies.

So for 2016, we are planning for a slightly higher BTO supply of about 18,000 flats.

These will be spread across a good variety of locations, so that homebuyers can be assured of flats for every budget and need.

While the 2016 flat supply will be increased to meet new demand from the recent policy changes, the broader plan remains to keep supply at a more sustainable level over the long-term.

Over the coming year, we will continue to monitor the market closely and adjust our building programme when necessary.

We will focus on making our housing policies more inclusive and build even better homes for all Singaporeans.

Here’s wishing all a Happy New Year!

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