The Housing and Development Board (HDB) – the statutory board of the Ministry of National Development, responsible for public housing in Singapore – is swamped with 20,691 applications for the 2,132 near-completed or completed flats during the indication of red-hot demand for homes.

According to Eugene Lim, the associate director of ERA Asia-Pacific, the primary attraction of these flats is that buyers do not have to wait and there is no need for them to pay cash over the property’s valuation.

The application for these flats – which are built in different locations all over the region, including a number of sought-after mature estates – was closed on Wednesday.


Analysts say that the remarkable figures mean that there are more or less 10 bids made for each available flat, which is an overwhelming demand level for homes that wasn’t seen since the boom of the property during the pre-financial crisis.

In its statement yesterday, HDB said, it had ”expected strong interest for these flats as they are limited in number, located in the popular mature estates, and are either completed or close to completion”.

According also to the HDB, seven out of ten applicants are buying flat for the first time. However, it said that despite prioritising these first-timer buyers, the possibility of them being short-listed in choosing a flat ”will not be high due to the overwhelming response”.

Industry observers state this only reflects intense demand for flats that are readily available. These buyers are probably pushed out from the market of resale flat, where prices are significantly high.
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