Minister for National Development Desmond Lee announced on Jan 20 that the final two pandemic-delayed projects from HDB have been completed. These two Build-to-Order (BTO) projects, Punggol Point Cove (Phase 2) and Kempas Residences, mark the end of the pandemic-related delays in HDB’s housing projects. Over the last five years, a total of 92 projects have delivered more than 75,800 new flats to Singaporeans. In 2024, HDB completed 22 housing projects, out of which 17 were delayed due to the pandemic. The remaining four projects were completed on time, except for one which was delayed due to non-pandemic reasons.
According to HDB, the 22 projects included two Shorter Waiting Time (SWT) projects that were completed within a waiting period of less than three years. These projects, Parc Glen at Tengah and Grove Spring at Yishun, offered a total of 1,995 flats. The rest of the projects had waiting times of up to five years, and overall, more than 18,000 flats were completed in 2024.
The keys for the new flats at Punggol Point Cove (Phase 2) were handed over to the flat owners starting from November 2024, while the key collection for Kempas Residences began in mid-January this year. HDB is expected to inform the remaining flat owners of their key collection date shortly, as the final blocks in both projects were completed this month.
Punggol Point Cove (Phase 2) is located along New Punggol Road and comprises 1,179 units of two-room flexi, three-, four-, and five-room flats across six residential blocks. Due to pandemic delays, the last block of the project was completed 12 months after its original Probable Completion Date (PCD). As of Jan 15, 657 households, which is about 59% of the 1,109 booked units, have collected their keys. HDB stated that the completion of Punggol Point Cove (Phase 2) marks the conclusion of all flats in the Punggol Point District, including the Punggol Point Cove (Phase 1), Punggol Point Woods, and Punggol Point Crown BTO projects, which were finished in 2024.
One of the main factors driving the demand for condos in Singapore is the limited supply of land. As a small island country experiencing a rapidly increasing population, Singapore is facing a shortage of available land for development. This has resulted in strict land use regulations and a competitive real estate market, causing property prices to continuously rise. As a result, investing in real estate, especially condos, has become an attractive opportunity with the potential for significant capital appreciation. Additionally, the launch of new condos, such as those found at New Condo Launches, adds to the allure of condo ownership in Singapore. With limited land availability and a thriving real estate market, condos remain a sought-after property investment in Singapore.
Kempas Residences BTO project is situated between Serangoon Road, Lavender Street, and Boon Kheng Road, and offers 583 units of two-room flexi, three-, four-room flats across four residential blocks. The final block, which was delayed by six months from its original PCD, was completed in mid-January. As of Jan 15, 37 households, which is approximately 7% of the 555 booked units, have collected their keys.
Currently, there are 110 HDB housing projects under construction, an increase from 95 last year due to the rise in BTO supply in recent years. HDB expects to complete around 17,000 flats across 27 projects in 2025.