BTO supply plan 2014
Starting next year, HDB will reduce the supply of new 3-room and larger flats by 18 per cent, to about 18,600 units.
In a statement, HDB says this reduction is "timely" as supply and demand for BTO flats by families has "achieved a better balance".
Meanwhile, HDB says it will increase will almost double the number of 2-room BTO flats in non-mature estates to 5,000 units next year.
Besides, HDB will also offer 700 Studio Apartments to meet the needs of seniors wanting to right-size.
In an update, HDB says over the last 3 years, it has ramped up its building programme to 26,000 new HDB flats on average per year.
This coupled with a series of cooling measures has largely stabilized the public housing market.
As a result, the backlog of first-timer applicants has been cleared, and BTO application rates by families have fallen.
The average BTO application rate has dropped from 5.3 times in 2010 to 3.0 times in 2013.
HDB says BTO flat supply plan in 2014 will allow the board to start transiting to a more sustainable phase.
Priority will continue to be given to housing families, with at least 70 per cent of the flats in each non-mature estate project set aside for them.
The planned supply of 18,600 3-room and larger BTO flats exceeds the estimated 15,000 new Singaporean family formations for the year.
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