The new launches offering around 14,000 homes are planned in Singapore's northern region, with the first public housing project launching in February 2025. Of these, 80% (approximately 12,000 units) will be public housing flats, as announced by Minister for National Development Desmond Lee during the HDB Awards.
Stable Supply and Property Market
This initiative is part of the government's efforts to maintain a stable supply of homes to meet demand and help Singaporeans achieve homeownership. A sufficient supply of new flats is crucial for keeping the property market stable.
Sembawang North Estate
Located near the former British naval base, the Sembawang North estate spans 53 hectares and will provide close to 10,000 homes, with about 8,000 for public housing and 2,000 for private residences. The first BTO project here is expected to launch in 2025. The estate will feature new commercial facilities, healthcare services, schools, places of worship, and recreational and green spaces, designed with a maritime and colonial theme. The Community Wharves Link will connect pedestrian pathways in the area.
Growing Demand
Analysts have welcomed the move due to the increasing demand for homes in Sembawang and Woodlands. From 2020 to 2024, Sembawang saw a significant supply of resale flats, but few new projects were launched. This new initiative aims to address the shortfall in supply and manage resale price increases. The upcoming housing supply in Sembawang North will boost the area's existing housing stock by 27%.
In Woodlands, an average of 1,419 new BTO flats have been launched annually since 2017. The demand for homes here remains strong, with application rates for BTO projects ranging between 1 and 1.6 times this year. The new initiative will rejuvenate the mature town and increase housing supply.
Pricing and Application Rates
Four-room flats in the new estates could start from S$350,000. The application rate for these new units is expected to range between two and three times.
Source: The Business Times