NDR 2026: November BTO demand could rise with higher income ceiling; but resale market impact limited, say analysts

The HDB resale market has shown signs of stabilising following several years of strong price growth. HDB resale prices have fallen for two consecutive quarters since the start of the year.

Huttons’ Mr Lee said the revision in income ceiling for BTO flats may potentially siphon demand from the resale market as these higher-income first-time buyers have more options.

However, some first-time buyers, including those with a higher income, may still apply for the CPF Housing Grant to buy a resale flat, providing some level of support to the resale market, he added.

Mr Nicholas Mak, chief research officer at Mogul.sg, said whether the raised income ceiling will eventually lead to cooler demand in the HDB resale market will depend on the supply of BTO flats.

“If the government does not raise the supply of BTO flats, including those in the popular estates, then some buyers will eventually return to the HDB resale market,” he said.

HDB said in January that it would launch 19,600 flats this year. It added that it remained on track to offer about 55,000 flats from 2025 to 2027 to meet sustained housing demand.