20 Feb 2025
Budget 2025: Building a More Inclusive and Sustainable Housing Market
Property Insight

Budget 2025 prioritizes affordability, accessibility, and sustainability in both public and private housing. With an emphasis on homeownership support, climate-friendly initiatives, and senior-friendly modifications, the government aims to provide inclusive policies that cater to all Singaporeans.

Public Housing – Expanding Supply & Affordability

The government is expanding housing options to improve affordability, especially for first-time homebuyers. Prime Minister Lawrence Wong noted that application rates for Build-To-Order (BTO) flats have stabilized and are now lower than pre-pandemic levels, indicating a more balanced supply-demand situation.

To ensure sufficient housing stock, more than 50,000 new HDB flats will be launched islandwide over the next three years. These developments, located in key estates such as Woodlands, Bayshore, and Mount Pleasant, aim to meet the diverse housing needs of Singaporeans.

For those seeking faster access to a home, HDB is prioritizing shorter waiting times. In 2025, about 3,800 flats with waiting periods of less than three years will be launched, accounting for approximately 20% of the total BTO supply.

Recognizing the strong interest in completed flats, the government will introduce another SBF exercise in 2025, providing homebuyers with additional options.

To further assist lower-income families, the Fresh Start Housing Scheme grant has increased from S$50,000 to S$75,000. This initiative, previously limited to second-timer families, now extends to first-time families living in rental housing.

Private Housing – Sustainability & Senior-Friendly Measures

Enhancements to Climate Vouchers

To support sustainability, the government is enhancing the Climate Friendly Households Programme. HDB households will receive an additional S$100 in Climate Vouchers, raising the total to S$400.

For the first time, private property households will also receive S$400 in Climate Vouchers, expanding support for sustainable living across Singapore.

Enhancements to Senior-Friendly Home Modifications

The Enhancement for Active Seniors (EASE) programme will be extended until 2028. Previously available only to HDB flats, it will now include private property households, allowing more seniors to age safely and independently at home.

Why It Matters

• Improved Affordability: Stabilized application rates provide more homebuyers with the opportunity to secure a flat.

• Faster Access to Housing: The introduction of a second SBF exercise in 2025 increases the chances of obtaining a ready-to-move-in unit.

• Balanced Housing Supply: The ramp-up in BTO launches prevents excessive price increases and meets long-term housing needs.

• Sustainability & Inclusivity: Expanding Climate Vouchers and senior-friendly modifications ensures equitable access for all Singaporeans.

Budget 2025 reinforces the government’s commitment to affordable, sustainable, and inclusive housing policies, ensuring Singaporeans have more opportunities for homeownership while fostering a livable and resilient community.

Click here for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg  

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Property Insight
29 Jul 2026
Commentary on Latest Annoucements

Singapore’s latest housing measures represent a calibrated easing of selected market constraints while retaining safeguards against speculative demand, affordability pressures and delayed project delivery. The two key changes are the removal of the 15-month wait-out period for certain HDB resale buyers and longer Additional Buyer’s Stamp Duty redevelopment timelines for qualifying large and mega en bloc sites. 

With immediate effect, private residential property owners and former owners may purchase a non-subsidised HDB resale flat without waiting 15 months, provided they do not use an HDB housing loan. Eligible buyers must still obtain an HDB Flat Eligibility letter and dispose of any private property in Singapore or overseas within six months of completing the resale-flat purchase. The 30-month wait-out period remains applicable to subsidised HDB flats, executive condominiums purchased from developers and buyers using an HDB housing loan.

The easing restores housing mobility for genuine owner-occupier right-sizers and households undergoing retirement, employment changes, divorce or financial pressure. It removes the need for an extended temporary accommodation period while preserving important eligibility and financing controls.

The policy change comes as HDB resale price momentum has moderated. Resale prices declined by 0.4% in the first half of 2026, the first first-half contraction since 2019. Larger-flat resale volumes have also eased from recent peaks. This suggests that the market has become more balanced following pandemic-era price gains, successive cooling measures and an expansion in housing supply.

The second measure provides longer redevelopment and sales periods for qualifying en bloc sites acquired from 29 July 2026. Large sites with 700 to 1,399 units will receive six years to complete and sell their projects, while mega sites with at least 1,400 units will receive seven years. Mega projects must still sell at least 50% of their units by the end of Year 6, while the 2.5-year construction commencement deadline remains unchanged.

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here

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
27 Jul 2026
2Q2026 Singapore Residential Market Report: Resilient Demand Despite Global Uncertainty

Singapore's private residential market remained resilient in 2Q2026, supported by healthy buyer demand despite a gradual moderation in price growth. New home sales (excluding Executive Condominiums) increased to 2,141 units, representing a 6.4% quarter-on-quarter increase from 2,013 units in 1Q2026. The improvement was driven primarily by strong demand within the Outside Central Region (OCR) and Rest of Central Region (RCR), which more than offset slower sales in the Core Central Region (CCR). Well-priced projects such as Tengah Garden Residences, Vela Bay, and Hudson Place Residences attracted strong interest from HDB upgraders and owner-occupiers, reflecting continued preference for city fringe and suburban developments offering better affordability and value. 

The resale private residential market also strengthened during the quarter, with transactions rising from 3,225 units to 3,813 units, representing an 18.2% increase from the previous quarter. Growth was broad-based across all market segments, with the OCR continuing to account for the largest share of resale activity due to its relatively affordable pricing, established residential estates and wider selection of family-oriented housing. The increase in completed developments over recent years has expanded resale supply, providing buyers with greater choice while supporting a more balanced and orderly market. 

Private residential prices continued to increase during the first half of 2026, although growth moderated. Prices rose 1.4% in 1H2026, compared with 1.8% in 1H2025, reflecting a market transitioning towards a more sustainable pace of appreciation. The moderation is attributed to the Government's sustained expansion of housing supply through the Government Land Sales programme and the increasing completion of residential developments, which have widened housing options and reduced upward price pressures. 

Looking ahead, market activity is expected to remain supported by a healthy pipeline of new launches, including Dunearn House, Thomson Reserve, and Lucerne Grand. The successful launch of Lentor Gardens Residences demonstrates that buyer demand remains healthy for well-located and appropriately priced developments. Although global uncertainties, including interest rate expectations, geopolitical tensions and new trade tariffs, may encourage buyers to adopt a more measured approach, Singapore's strong economic fundamentals and transparent regulatory framework are expected to continue supporting market confidence. 

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here

for the full report: 

 



 

Prepared By: 



Mohan Sandrasegeran 



Head of Research & Data Analytics 

Email: mohan@sri.com.sg 

 

Property Insight
27 Jul 2026
Singapore HDB Resale Market Trends 2Q2026: Stable Demand Amid Growing Supply

The HDB resale market remained resilient in 2Q2026, with transaction volumes increasing marginally to 6,396 units, up 1.8% from 6,285 units in 1Q2026. Despite the June 2026 Build-To-Order (BTO) launch of approximately 6,952 flats, including projects in highly sought-after mature estates such as Bishan, Bukit Merah and Ang Mo Kio, resale demand remained broadly stable. This reflects continued underlying demand for resale flats even as buyers are presented with a wider range of public housing options. 

Price movements continued to moderate during the quarter, reinforcing the market's transition towards a healthier and more sustainable phase. The HDB Resale Price Index eased by 0.3% quarter-on-quarter, following the 0.1% moderation recorded in 1Q2026. Cumulatively, resale prices moderated by 0.4% in the first half of 2026, a notable shift from the 2.5% increase registered over the same period in 2025. Rather than indicating weakening demand, the moderation reflects the cumulative impact of expanded public housing supply through larger BTO launches, multiple Sale of Balance Flats exercises, Shorter Waiting Time flats, and an increasing number of flats reaching their Minimum Occupation Period (MOP), giving buyers greater choice across different housing segments. 

Across the resale market, pricing trends have become increasingly measured and differentiated. Median resale prices for most flat types remained broadly stable or moderated slightly, particularly for 3-room, 5-room and Executive flats. Overall, pricing is becoming more reflective of individual flat attributes such as location, age and remaining lease rather than broad market-wide appreciation. 

Looking ahead, the HDB resale market is expected to remain fundamentally resilient as supply continues to expand. Upcoming BTO launches, additional Sale of Balance Flats exercises, Shorter Waiting Time flats and a growing pipeline of MOP flats are expected to further improve housing availability and distribute demand more evenly across BTO and resale segments. 

 

Click

here

for the full report: 

  

  

  

Prepared By: 



Mohan Sandrasegeran 



Head of Research & Data Analytics 

  

Email: mohan@sri.com.sg