Government to reduce supply of 3-room, 5-room flats

But 2-room flat supply gets a boost.

According to Minister for National Development Khaw Boon Wan, the government will start to reduce the supply of 3-room, 4-room and 5-room flats.

However, more supply of 2-room flats are on their way to enable more singles to realise their dreams of owning their homes.

'We will continue to push out a steady stream of SAs to help our seniors right-size, if they so wish,' he said.

In 2013, the government launched 25,100 Build-To-Order (BTO) flats, as part of a 3-year ramped up construction programme, to tilt the supply-demand balance in favour of buyers.

'Together with the series of cooling measures, the housing market has now largely stabilised, with cash-over-valuation (COVs) in the resale market reaching new lows. This is good for buyers, both for first-timer and second-timer homebuyers,' Khaw added.

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