Housing Development Board (HDB) shortens waiting times in response to housing demand, also introducing a new class of Serviced Apartments.
At the Real Estate Developers’ Association of Singapore (REDAS) 64th-anniversary dinner, Minister for National Development, Mr. Desmond Lee, said that waiting times for newly launched Build-To-Order (BTO) projects will be three to four years. As reported by ‘Mothership’, almost 70% of flats launched in 2023 have waiting times of four years or less, a significant reduction from the previous four to five-year span during the pandemic peak.
This is a result of innovative strategies and collective efforts from the HDB and its construction patterns and consultants, aiming to expedite project completion without compromising quality. Highlighting the history of housing development in Singapore, HDB’s mission has always centred around helping Singaporeans in owning their first homes, with a particular focus on first-time homeowners.
HDB has broken larger Build-To-Order (BTO) projects into smaller ones for efficient resource management. By launching BTO sites where the platform level is ready for construction, they have managed to optimise their operations. Furthermore, innovative procurement methods have been piloted to cut short project construction time.
A significant part of HDB’s strategy involves launching more Short Waiting Time projects, designed to have waiting times of less than three years. This initiative solidifies its commitment to the effective and rapid actualisation of Singapore residential development projects.
Alongside catering to the demand for home ownership, HDB also acknowledges the necessity to meet rental demands. To complement its existing shorter-stay apartments with a seven-day minimum stay requirement, HDB intends to introduce a new class of Serviced Apartments. These new apartment types will require a minimum stay of three months.
Pilot sites for these long-stay serviced apartments have been identified at Upper Thomson Road and Zion Road. Information regarding these serviced apartments will be provided by the Urban Redevelopment Authority (URA) in due time. Mr. Lee expressed, “To ensure that Serviced Apartments can be more targeted in meeting demand for longer term stays, we will be piloting Serviced Apartments with a 3-month minimum stay period.”
