Finance Minister Lawrence Wong stated on Tuesday (February 18th) that the government will continue to closely monitor public housing and take measures to increase the supply of Build-To-Order (BTO) flats in the coming years.

In his budget speech delivered in Parliament, Deputy Prime Minister Wong emphasized that the government has decisively ramped up BTO supply, with application rates stabilizing and falling below pre-pandemic levels.

He said the government will maintain a "strong pipeline of supply."

The Finance Minister highlighted that the Ministry of National Development will launch more than 50,000 new flats over the next three years in a wide range of areas, including Woodlands, Bayshore, and Mount Pleasant.

The Housing and Development Board (HDB) of Singapore announced this figure in January, stating that it would supply approximately 19,600 BTO units through three sales exercises in 2025.

Deputy Prime Minister Wong also noted that Singaporeans are concerned about rising resale flat prices.

He said the government's cooling and supply measures will ultimately help stabilize the resale market.

Deputy Prime Minister Wong mentioned that the government will also provide more options for buyers who wish to get their flats as soon as possible. The HDB previously announced that it will offer 19,600 BTO units this year, with about 3,800 units having a waiting time of less than three years, accounting for about 20% of the annual BTO supply.

He said, "The HDB also launched its largest-ever Sale of Balance Flats exercise last week, with about 5,500 flats available for sale across the island, and plans to hold another Sale of Balance Flats exercise later this year."