Debated in Parliament on 10 Sep 2024.
Mr Chua Kheng Wee Louis asked the Minister for National Development in each year over the last five years, what has been (i) the total number of 2-room flexi flats launched in BTO exercises (ii) the total number of 2-room flexi flats set aside for singles to apply and (iii) the average application rates for singles applying for a BTO flat.
The impact of COVID-19 and rising Housing and Development Board (HDB) resale prices have led to an increase in demand for Build-To-Order (BTO) flats, including from singles. Amongst first-timer singles, application rates for BTO flats increased from 2.4 times in 2019 to a peak of 10.4 times in 2022. This has since come down to 4.8 times in the latest June 2024 BTO exercise.
The moderation in application rates was the result of a series of measures to address the housing needs of singles and stabilise the property market. First, we have ramped up BTO supply significantly. Since 2021, HDB has launched more than 74,000 flats, including 14,000 2-room Flexi flats. Second, we increased the singles’ quota for 2-room Flexi flats in non-mature estates from up to 50% to up to 65%. Third, we introduced four rounds of cooling measures to stabilise the property market, and increased both the Central Provident Fund (CPF) Housing Grant and the Enhanced CPF Housing Grant, to make resale flats more affordable to home buyers, including singles.
From the upcoming October 2024 BTO exercise, singles will be able to apply for new 2-room Flexi flats in all locations, instead of just in the non-mature estates, thus giving them wider options to meet their diverse housing needs. We expect singles’ demand for new 2-room Flexi flats to increase as a result. We will continue to monitor the market closely and adjust our policies where necessary.
PAPERCUTS