Waiting time for public rental housing to increase within 5 years
It was already increased to 6.1 years in March 2022.
Residents eyeing to apply for public rental housing (PRH) in the next five years may have to wait a little longer for their application to be approved, according to the real estate firm, JLL.
As of March 2022, the waiting time is already at 6.1 years, the longest period of 23 years.
JLL said the anticipated increase in the waiting period was based on the supply targets and demand for PRH.
Citing the Long Term Housing Strategy Annual Progress Report 2021, JLL said only one-third of the government's 1-year supply target or 105,000 public flats will be completed by 2026 or 2027.
This will not be enough to house the current 147,500 PRH applicants for PRH.
JLL added that in the coming five years, the annual average production of PRH will likely be at 12,400, lower than the 13,800 average from the preceding five years.
"Assuming the new application volume will continue at the current pace, we expect the number of pending applications will accumulate further and the average waiting time for PRH lengthen. As such, demand for public housing will likely stay well above supply by a large margin," JLL said.