Expect 18,400 private homes by year-end: Government

3,500 units already completed as of April.

The Housing Board is eyeing to complete 18,400 private residential units by this year, said National Development Minister Khaw Boon Wan. In his blog, Mr Khaw said that 3,500 private residential units have been completed as at end of April. Furthermore, the government is looking into completing 13,600 flats in 2013.

HDB’s contractors have completed 6,000 units as of 31 May and despite the tightening foreign labour policy, they are confident to deliver the remaining 7,600 units by year end.

"We are engineering a soft-landing for our housing market. We are making progress. However, continuing progress requires all to play their part. We also need a bit of luck, as some factors are completely beyond our control, e.g. what the US Federal Reserve and the key central bankers do that impacts on global economy.

One key strategy is to ramp up the supply of flats and private residential units. We will begin to feel the effect of the ramped up supply this year; but the full effect will be felt next year and the year after that," he said.

Read full blog here.