Mr Lee also reminded MPs that those aged 55 and above who are moving from private property to a four-room or smaller resale flat are exempted from the wait-out period.
“This helps our seniors right-size their homes and improves their retirement adequacy,” said Mr Lee.
These seniors make up about three in 10 of the private property owners who had bought HDB resale flats in the past three years, and slightly less than one in five paid COV when buying a resale flat.
He added: “Regardless of their age, current and former private property owners who faced extenuating circumstances, can approach HDB for assistance, and we will assess their situation on a case-by-case basis.”
He also said that the Government will consider the prevailing economic and market conditions, including the impact of the 15-month wait-out period, as it plans the half-yearly Government Land Sales supply for private housing.
The Government has increased the supply of private housing on the Confirmed List of the GLS programme by 75 per cent, from around 3,600 units in 2021 to around 6,300 units in 2022.
“We are prepared to increase the GLS supply further, if needed,” he said. “The Government will continue to monitor housing market conditions, and act decisively but also carefully, to ensure the stability of the wider Singapore property market, and to keep public housing inclusive, affordable, and accessible to Singaporeans.”
BTO WAITING TIME
MPs also asked the minister if the waiting time for Built-To-Order (BTO) flats can be shortened. For instance, Ms Foo Mee Har (PAP – West Coast) asked what specific measures the Government can implement to shorten the waiting time for new HDB BTO projects to less than three years.
Mr Lee said that since 2018, HDB has been offering BTO flats in some projects with shorter waiting times of around three years or less, by bringing forward the construction works for specific sites that are ready for development.
To date, close to 11,000 BTO flats with shorter waiting times have been offered, of which around 7,200 were offered between 2020 and 2022, he said.
He added that to meet the strong housing demand, HDB has ramped up the supply of BTO flats to 23,000 flats per year this year and next year, or a 35 per cent increase from 2021. It is also prepared to launch up to 100,000 new flats from 2021 to 2025, if needed.