More public and private homes will be ready for occupation in the next three years.

Some 204,400 units will be ready by 2016, outstripping the Ministry of National Development's earlier projection of 197,550 homes.

"We are making good progress in our ramp-up of (the) home building programme," National Development Minister Khaw Boon Wan wrote on Facebook on Friday evening.

This increase comes from private housing and executive condominiums (ECs). There will be an additional 2,300 EC units and some 4,600 more private units ready by 2016.

More than 21,000 residential units have already been built in 2013. Another 9,220 units will be ready by the end of the year, added Mr Khaw.

Analysts say that the strong upcoming supply of new Housing Board flats has partly contributed to HDB resale prices falling 0.9 per cent in the third quarter of this year. This is the first such decline since the start of 2009, when deep recession hit.