Updated: 12/16/2013 20:43

Khaw Boon Wan says housing market in Singapore has largely stabilised



Khaw Boon Wan says housing market in Singapore has largely stabilised

Minister for National Development Khaw Boon Wan says together with the series of cooling measures here, the housing market in Singapore has now largely stabilised, with cash over valuation or COVs in the resale market reaching new lows. 

Posting on his blog, Mr Khaw said the HDB launched 25,100 BTO flats this year. 

This is part of a 3-year ramped up construction programme, to tilt the supply-demand balance in favour of buyers. 

Mr Khaw said the HDB is analysing the demand for BTO flats. 

He said being a new housing scheme, the application rates for singles for 2 room flats were especially high. 

It was 58 for the first BTO launch, but has since dropped to 27 in the November BTO launch. 

The ramped up programme has however cleared much of the backlog from family applicants, especially for first-timer applicants. 

Mr Khaw said the HDB will build more 2-room flats, to enable more singles to realise their dreams of owning their homes. 

For families, however, Mr Khaw said the HDB will start to reduce the supply of 3-room, 4-room and 5-room flats. 

The exact details will be finalised and announced soon.

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