“SINGAPORE – According to National Development Minister Desmond Lee, the average selling price per square foot (psf) for Build-To-Order (BTO) flats in mature estates has experienced a more rapid increase compared to those in non-mature estates over the past decade.

Between 2012 and the first nine months of 2022, the price gap between BTO flats in these two categories has also widened. In the first nine months of 2022, the average selling price psf for BTO flats in mature estates rose by 21.9%, reaching $584, up from $479 in 2012. Conversely, non-mature estates saw a 16.4% increase, with the average selling price psf climbing from $311 in 2012 to $362 in 2022.

Notably, the average selling price psf for new flats under the Prime Location Public Housing (PLH) model stood at $697 in 2022. Since the introduction of this scheme in November 2021, the Housing Board has launched six PLH projects.

In a written parliamentary response to Progress Singapore Party Non-Constituency MP Leong Mun Wai, Mr. Lee highlighted the government’s efforts to keep BTO flat prices stable despite a 30% rise in construction costs over the past two years. He pointed out that the figures do not factor in housing grants available to eligible buyers and mentioned that median household income has increased by 26% in the last decade, alongside several enhancements in housing grants.”