HDB to Exceed 55,000 New Flats Target as Government Ramps Up Supply Through 2027

Speaking at a symposium on urban housing organised by the National University of Singapore on May 8, Minister Chee said housing challenges have “grown far more complex beyond building enough flats.” He pointed out that ensuring affordability, adapting to changing economic conditions, and making better use of limited space because of land scarcity are all part of the equation.

To address these challenges, the authorities will build more homes and build them faster. Of the 19,600 BTO flats planned for 2026, about 4,000 will have shorter waiting times of under three years. This accelerated delivery responds to feedback from buyers who have struggled with the traditional three-to-five-year wait between ballot success and key collection.

The government is also increasing the supply of two-room flexi flats by nearly 50% from 2026 to 2028, catering to growing demand from singles and seniors. On the private housing front, a “robust supply” of about 12,000 units is in the pipeline, including Plus and Prime flats that come with extra subsidies in more attractive locations but carry stricter resale conditions such as a 10-year MOP and a subsidy clawback on resale.

Minister Chee also addressed the ageing of Singapore’s public housing stock. Noting that the first HDB flats were built in the 1960s, many estates are now approaching or have reached 60 years old. A second round of the Home Improvement Programme will be introduced when flats reach the 60-to-70-year mark, building on the first round that addresses maintenance issues at the 30-year point.

Toa Payoh is set for a major rejuvenation push, with a 1,600-unit BTO project next to Caldecott MRT station in Toa Payoh West launching in October. A 60-storey BTO project in Pearl’s Hill in Outram Park, which will be launched in the next few years, will bring public homes back to the city centre.

The Voluntary Early Redevelopment Scheme, or VERS, is also taking shape. This programme will allow owners of flats that are 70 years old and above to vote on whether the government should buy back their homes before the 99-year lease runs out. Minister Chee said he aims to flesh out the VERS policy framework within this term of government, with a few pilot sites expected in the first half of the 2030s.

The expanded BTO pipeline has significant implications for the broader property market. More public housing supply eases the pressure on HDB resale prices by giving buyers a credible alternative to the resale market. The introduction of shorter waiting times also reduces the incentive for buyers to pay resale premiums simply to avoid long construction waits.

For private property, the robust pipeline of 12,000 units, including executive condominiums now subject to stricter rules, signals the government’s intent to keep the overall market well supplied. The current BTO income ceiling for families remains at S$14,000 per month, with the threshold for singles at S$7,000. These ceilings are being reviewed, which could expand the pool of eligible BTO applicants and further reduce spillover demand into the private market.

The VERS framework, when finalised, could also reshape the long-term calculus for older HDB flat owners deciding between holding, selling on the open market, or waiting for a government buyback. The first pilot sites in the 2030s will provide an important test case for how the scheme values ageing flats.