SINGAPORE: In a noteworthy development for prospective homeowners, the waiting period for built-to-order (BTO) flats released by the Housing and Development Board (HDB) in 2023 has reverted to pre-COVID-19 norms, marking a substantial improvement over the last five years.
According to an official statement, approximately 70 per cent of the units launched this year boast waiting periods not exceeding four years. The median waiting period stands at three years and ten months, not only reinstating pre-pandemic levels but surpassing the four-year peak witnessed during the height of the COVID-19 pandemic.
HDB has expressed commitment to sustaining this positive momentum and aims to launch additional units with even shorter waiting periods starting in the upcoming year.
As the demand for residential properties continues in land-scarce Singapore, the reduction in waiting times is expected to have a tangible impact on the accessibility and affordability of housing for Singapore residents.