Singapore’s property market is beginning to show signs of cooling, thanks to a surge in housing supply and a series of measures aimed at maintaining affordability.
A Surge in Housing Supply
In response to growing demand, the government has significantly increased the supply of both public and private housing. This year alone, more than 25,000 flats are expected to be launched, including over 19,000 Build-To-Order (BTO) units and around 5,500 flats through the Sale of Balance Flats (SBF) scheme. On the private housing front, land has been released for about 11,000 units – the highest in more than a decade.
Looking ahead, the trend continues with plans to launch over 50,000 BTO flats between 2025 and 2027. This ramp-up in supply is part of a long-term strategy to address housing demand and ensure that homeownership remains within reach for Singaporeans.
Property Price Growth is Slowing
The increased supply has already started to moderate price increases. Private residential property prices rose by 3.9% in 2024 – a slower pace compared to previous years. Similarly, HDB resale price growth has also slowed to 4.9% in 2023, down from double-digit increases in prior years. These trends point to a more balanced market that benefits both buyers and sellers.
First-Time Buyers Gaining Better Access
Accessibility for first-time homebuyers has improved. Application rates for BTO flats have declined, suggesting that demand is starting to align with supply. For first-time applicants, the application rate fell from 3.7 times in 2019 to 2.1 times in 2024, and even lower to 1.5 times in early 2025. This is a positive sign that new buyers are finding it easier to secure a flat on their first try.
Planning Ahead: Future-Ready Housing
Beyond boosting supply, the government is also taking a long-term view by planning for future needs. This includes developing both new and existing sites in a thoughtful way that respects the historical and environmental context of each location. A key example is the Mount Pleasant housing project, which will debut its first BTO launch in October 2025, offering around 1,500 flats, including rental units and a range of sizes to cater to different household needs.
A Market Moving Toward Balance
With these strategic moves, Singapore’s property market is gradually shifting toward greater stability. The combination of increased housing supply, moderation of price growth, and improved accessibility reflects the government’s commitment to keeping housing affordable and sustainable for current and future generations.
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Whether you’re a first-time buyer, investor, or upgrading your home, navigating Singapore’s evolving property market is easier with the right guidance. Contact Haohaoguo Agents today for expert advice, personalised service, and the latest insights tailored to your needs.
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