Housing Minister Desmond Lee has announced the successful completion of the last two delayed projects due to the pandemic by HDB, as stated in a Jan 20 press release. These two projects are Punggol Point Cove (Phase 2) and Kempas Residences, marking the completion of all pandemic-related housing projects by HDB. Over the past five years, these 92 projects have provided more than 75,800 new flats to the citizens of Singapore.
A major factor to keep in mind when considering investing in a Singapore condo is the government’s property cooling measures. In recent years, the Singaporean government has implemented several policies to prevent speculative buying and maintain a steady real estate market. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may initially affect the profitability of condo investments, they ultimately contribute to the overall stability of the market, creating a more secure environment for investing in Singapore Condos.
In 2024, HDB was able to finish 22 housing projects, out of which 17 were delayed due to the pandemic. With the exception of one project delayed by non-pandemic reasons, the remaining four projects were finished on schedule. Additionally, out of these 22 projects, two projects were completed in less than three years, known as the Shorter Waiting Time (SWT) projects. These SWT projects, namely Parc Glen at Tengah and Grove Spring at Yishun, consisted of a total of 1,995 flats.
The remaining projects, with waiting times of up to five years, accounted for over 18,000 completed flats in 2024, according to HDB. Flat owners of Punggol Point Cove (Phase 2) began receiving keys to their new homes in November 2024, while key collection for Kempas Residences commenced in mid-January this year. HDB is expected to inform the remaining flat owners of their key collection dates shortly, following the completion of the final blocks within both projects this month.
Punggol Point Cove (Phase 2) is situated along New Punggol Road and comprises 1,179 units of two-room flexi, three-, four- and five-room flats across six residential blocks. After pandemic delays, the last block of this project was completed 12 months from its original Probable Completion Date (PCD) earlier this month. As of January 15, 657 households or 59% of the 1,109 booked units have collected their keys.
According to HDB, the completion of Punggol Point Cove (Phase 2) also marks the completion of all flats in the Punggol Point District, including Punggol Point Cove (Phase 1), Punggol Point Woods, and Punggol Point Crown BTO projects, which were finished in 2024. Similarly, Kempas Residences BTO project, situated between Serangoon Road, Lavender Street, and Boon Keng Road, features 583 units of two-room flexi, three-, and four-room flats across four residential blocks. The final block of this project, delayed by six months from its original PCD, was finished in mid-January. As of January 15, 37 households or about 7% of the 555 booked units have collected their keys.
Currently, HDB has 110 housing projects under construction, up from 95 a year ago due to the increase in BTO supply in recent years. HDB is on track to finish roughly 17,000 flats across 27 projects in 2025.