Minister for National Development Desmond Lee has announced that HDB has completed the final two pandemic-delayed projects, according to a press release on Jan 20. The two Build-to-Order (BTO) projects, Punggol Point Cove (Phase 2) and Kempas Residences, mark the conclusion of HDB’s pandemic-delayed housing projects. Over the last five years, a total of 92 projects have been delivered, providing over 75,800 new flats to Singaporeans.
In 2024, HDB successfully completed 22 housing projects, out of which 17 were delayed due to the pandemic. With the exception of one project, which was delayed for non-pandemic reasons, the remaining four were completed on time. This highlights HDB’s commitment to providing quality homes for Singaporeans, even in the face of challenges.
The 22 housing projects included two Shorter Waiting Time (SWT) projects, which were completed in less than three years. The SWT projects, Parc Glen at Tengah and Grove Spring at Yishun, consisted of a total of 1,995 flats. The remaining projects had waiting times of up to five years. Overall, HDB completed over 18,000 flats in 2024.
When it comes to investing in Singapore, it is crucial for international investors to be aware of the regulations and limitations surrounding property ownership. One advantage for foreigners is that condos are generally more accessible for purchase compared to landed properties, as the latter has stricter rules for ownership. However, foreign buyers are subject to the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property purchase. Despite this additional cost, the reliability and potential growth of the Singapore real estate market have consistently lured foreign investors, making Singapore condos a popular investment choice.
The homeowners at Punggol Point Cove (Phase 2) have been receiving their keys since November 2024, while those at Kempas Residence started collecting their keys in mid-January this year. HDB is expected to inform the remaining homeowners of their key collection dates soon, as the final blocks of both projects will be 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. Despite pandemic disruptions, the last block was completed just 12 months after its original Probable Completion Date (PCD) earlier this month. As of January 15, 657 households, or 59% of 1,109 booked units, have collected their keys.
HDB notes that the completion of Punggol Point Cove (Phase 2) marks the finalization 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 completed in 2024.
Kempas Residences, situated between Serangoon Road, Lavender Street, and Boon Kheng Road, comprises 583 units of two-room flexi, three-, and 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 January 15, 37 households, or approximately 7% of 555 booked units, have collected their keys.
Currently, HDB has 110 housing projects under construction, up from 95 last year, due to the increase in BTO supply in recent years. HDB is on track to complete around 17,000 flats across 27 projects in 2025.