It has been announced that the HDB will be building more 2-room flats and studio apartments in the coming years, while lesser 3-room, 4-room and 5-room flats will be constructed.
This was revealed from the Minister of National Development, Mr Khaw Boon Wan’s blog on 16th of December 2013.
Part of his blog post also depicted the decreasing numbers and demand for BTO flats. He elaborated that the response for the very first exercise of BTO flats – held in July – was very positive. However, application rates dropped by a drastic 50% for the BTO exercise held in November.
The number of first-time and second-time applications has also dropped in 2013. The rate of first-time applications decreased at a steady rate throughout the year, dropping from 2.4 (January) to 1.3 (November), whereas the rate of second-time applications declined sharply from 14.9 (January) to 2.7 (November).
Mr Khaw Boon Wan added that the above statistics will contribute to the tapering of the property industry in the coming year.