Construction of new flats to taper off from 2014: Khaw Boon Wan
After three years of ramped-up building, the Housing Board is tapering off its "massive construction programme" from next year, Minister for National Development Khaw Boon Wan said on Monday.
"We will do so in a measured way, to allow the market to gradually adjust, just like what we had done to cool the property market earlier," he added.
In a post on his blog, Housing Matters, Mr Khaw said that three years of higher supply had begun to restore balance in the housing market. One sign of this, he said, was lower cash-over-valuation figures in the resale market for Housing Board flats.
Another is the average application rate for Build-To-Order (BTO) flats, which fell from 5.3 in 2010 to a low of 2.9 this year.