In Singapore, investing in a condominium comes with a significant advantage – the potential for capital appreciation. This is largely due to Singapore’s position as a global business hub and its robust economic foundations, which have created a constant demand for real estate. It’s no surprise that property prices in Singapore have consistently witnessed an upward trend, with condos in prime areas witnessing a considerable rise. To capitalize on this, investors who make the right timing and hold onto their properties for the long haul can reap significant returns on their investments. With the addition of Singapore Projects, the opportunities for capital appreciation in the condo market are even more promising.
Minister for National Development Desmond Lee has announced that HDB has successfully completed the final two housing projects that were delayed due to the pandemic. According to a press release on January 20th, the two Build-to-Order (BTO) projects, Punggol Point Cove (Phase 2) and Kempas Residences, have been completed, marking the end of HDB’s pandemic-delayed projects. These projects have delivered a total of over 75,800 new flats to Singaporeans in the last five years.
In 2024, HDB completed a total of 22 housing projects, with 17 of them facing delays due to the pandemic. The remaining four projects were completed on time, with only one experiencing delays for reasons unrelated to the pandemic. Out of the 22 projects, two were Shorter Waiting Time (SWT) projects, which were completed in less than three years. These projects, Parc Glen at Tengah and Grove Spring at Yishun, provided a total of 1,995 flats.
The remaining projects had a waiting time of up to five years. Overall, HDB has completed over 18,000 flats in 2024. Punggol Point Cove (Phase 2) flat owners have been receiving their keys since November 2024, while key collection for Kempas Residences began in mid-January this year. HDB is expected to inform the remaining flat owners of their key collection date soon, after the final blocks in both projects were completed this month.
Located along New Punggol Road, Punggol Point Cove (Phase 2) consists of 1,179 units in two-room flexi, three-, four-, and five-room flats across six residential blocks. Due to pandemic delays, the last block was completed 12 months after its original Probable Completion Date (PCD) earlier this month. As of January 15th, 657 households or 59% of the 1,109 booked units have collected their keys. HDB also mentioned that the completion of Punggol Point Cove (Phase 2) marked the completion of all flats in the Punggol Point District, including the Punggol Point Crown, Punggol Point Woods, and Punggol Point Cove (Phase 1) BTO projects, which were all completed in 2024.
Furthermore, Kempas Residences, situated between Serangoon Road, Lavender Street, and Boon Kheng Road, consists of 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 15th, 37 households or about 7% of the 555 booked units have collected their keys.
Currently, there are 110 HDB housing projects under construction, an increase from 95 projects a year ago due to the rise in BTO supply in recent years. HDB is on track to complete around 17,000 flats across 27 projects in 2025. If you are interested in HDB properties in Punggol, you can check out the latest listings on Ask Buddy and see if there are any rental options available. You can also find information on the price trend for Kempas Residences and compare HDB loans vs bank loans to help you make an informed decision.