SINGAPORE will be scaling back the pace of public housing construction next year, with 26,000 HDB flats targeted, down from the 28,000 flats completed this year.
Khaw Boon Wan, Minister for National Development, said in his blog on Monday that 2014 marks the turn of the housing market in Singapore. Prices have been moderating and the market shifting from a seller's to a buyer's market. In 2013, 13,600 flats were completed.
"The shift is not yet complete and 2015 should see greater stability,'' Mr Khaw said.
"We are scaling down the pace of construction but remain proactive on refining our policies to meet diverse housing needs of flat buyers and home owners: singles, married couples who wish to live together with or close to their parents, seniors who wish to monetise their large flats etc."
Next year's pipeline includes iconic projects such as the Waterway Terraces, as well as SkyTerrace@Dawson and SkyVille@Dawson.