SINGAPORE - Some 200,000 homes will be ready by 2016, said National Development Minister Khaw Boon Wan on Wednesday in Parliament, as he sought to assure Singaporeans that progress is being made in "relieving the strains we feel today".
Of these, 111,159 are HDB flats, 9,800 are executive condominiums and 76,600 are private property units.
And even as those projects are going on, the Government is continuing to launch more flats and sell land to developers.
Once the current backlog of demand is cleared, said Mr Khaw, the Housing Board will start to build up a "meaningful stock of unsold HDB flats to meet the needs of couples who may need housing urgently".
"In short, young Singaporeans, you do not have to worry," he said.
He revealed that for the longer term, the Ministry of National Development (MND) has reserved sufficient land to develop another half a million housing units.
If fully realised, this would increase housing stock at a proportion that is double the projected population growth, he noted.
This is a kiasu approach to give planners plenty of buffer, he said.
Mr Khaw also reassured young Singaporeans that flat prices are within their reach, especially since he has delinked the prices of Build-To-Order (BTO) flats from the resale market.
Since Mr Khaw took over the housing portfolio in 2011, he has unpegged the prices of BTO flats from resale flats in the vicinity.