HDB so far launched 16,700 flats amidst moderate resale market price growth

The government housing body is still on track to reach 23,000 flats in 2023.

HDB said it so far rolled out over 16,700 flats by the third quarter (Q3) of 2023 as it plans to offer 6,000 build-to-order (BTO) flats by December 2023.

The recent figures put HDB on track for its 23,000 flats target this year. Several pending 6,000 BTO flats are found in locations like Bukit Panjang, Jurong West, Woodlands, Bedok, Bishan, Bukit Merah and Queenstown.

For homebuyers, a valid HDB Flat Eligibility letter is mandated on or before 11 November 2023 for a month-long procedure for flat purchases. More details about the upcoming launches will be revealed soon.

This recent development came as the resale market saw a more controlled increase rate as the government implemented a stable pipeline for the property market and buyers adopted cost-saving measures, such as prudent borrowing.

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The Resale Price Index for Q3 2023 hits 178.5, an increase of 1.3% from Q2 2023. But its growth is lower than the 1.5% in the second quarter 2023 and the average growth of 2.5% in 2022.

Resale transactions for Q3 2023 reached 2.8% with 6,695 cases. However, it is 11.3% lower than that of Q3 2022, and the lowest Q3 resale volume since 2020.

However, approved applications for HDB flats in Q3 2023 increased marginally by 0.1% with 9,852 cases, resulting in 57,797 HDB BTO flats rented out.