Issue #12: What’s Happening This Week?—Feb 2025 BTO Launch, Record Highs for Gold, and More

Today is Valentine’s Day, and it seems serendipitous that this same week, we saw the first Build-to-Order (BTO) flat launch of 2025. After all, “BTO ai mai?” often precedes “Will you marry me?” in Singapore, doesn’t it? All the best at the ballots if you and your partner are taking it to the next stage by applying for a home together. May luck be on your side, and may your love only grow!

Speaking of growth, it’s not just relationships that are flourishing—Singapore’s median household income crossed $11,000, while the economy also expanded by 4.4% in 2024, exceeding expectations. In more good news, inflation cooled to 2.4%, easing pressure on wallets, though food and transport costs remain a concern for lower-income households.

Meanwhile, gold prices hit a record high, as investors scrambled for a safe haven amid global trade tensions following President Trump’s 25% tariffs.

From BTOs to bullion, here’s everything you need to know in What’s Happening This Week?, our weekly series rounding up the latest finance news and updates that matter to you.

TLDR The February 2025 BTO launch features 5,032 BTO flats across five projects, plus a record-breaking 5,590 Sale of Balance Flats—applications close on 17 Feb! Median household income hit S$11,297 in 2024, rising 1.4% after inflation, with government support helping to narrow income inequality. Inflation eased to 2.4% in 2024, thanks to cheaper cars and clothing, but food, healthcare, and transport costs remained high, especially for lower-income households. Singapore’s economy beat expectations with 4.4% growth in 2024, fueled by electronics, trade, and finance, but retail and F&B struggled as locals spent more overseas. Gold surged to US$2,942.70 this week amid trade war fears after Trump’s tariff hikes, with investors eyeing the elusive US$3,000 milestone.

Want more details? Let’s dive in.

 

Psst, missed last week’s issue? View all past editions of What’s Happening This Week? to catch up.

 

HDB launches 10,622 BTO and SBF flats for sale

This week, HDB BTO launched 10,622 flats for sale across 5 Build-to-Order (BTO) projects and the largest Sale of Balance Flats (SBF) exercise to date. 

• Tanjong Rhu Parc Front (Kallang/Whampoa) – A hot favourite, this Tanjong Rhu project is in quite literally a prime location. The only Prime project in this launch, this 812-unit project comes with more subsidies but stricter resale conditions, including a 9% subsidy clawback.
• Stirling Horizon (Queenstown) – A Plus project near Queenstown MRT with 1,126 units, subject to an 8% subsidy clawback. A great location with plenty of amenities, but pricey.
• Chencharu Vines & Chencharu Greens (Yishun) – Two Standard projects with 1,531 units combined. The most affordable project this round of BTO, plus with the shortest waiting times of 37 or 38 months.
• Woodlands North Verge (Woodlands) – The largest project this round (1,563 units) and the first BTO in the Woodlands North Coast precinct. If you love visiting JB on the weekends, this one’s for you.

Read our full Feb 2025 BTO review.

Aside from the BTO projects above, you can also apply for an SBF flat. This exercise is the largest to date with 5,590 flats available, of which 40% are already completed.

Applications close on 17 Feb 2025 at 1159 pm. 

 

Singapore’s median household income crossed $11,000 in 2024

Good news—household incomes are still rising! In 2024, the median monthly household income hit $11,297, up 1.4% after inflation. That’s a jump from $10,869 in 2023, though slower than 2023’s 2.8% increase.

When you break it down, income per household member grew by 0.8%, reaching S$3,615. Over the past 5 years, household income has been creeping up by 0.7% per year, even after adjusting for inflation.

Across all income levels, everyone saw some increase in employment income, ranging from 0.6% to 3.2%. On top of that, government support helped lower-income households the most, with those in one- and two-room HDB flats receiving an average of $16,805 per member.

And here’s an interesting stat—income inequality (measured by the Gini coefficient) hit a record low of 0.364, thanks to these government payouts. While incomes aren’t soaring as fast, wages are holding steady, and government support is helping to bridge the gap. 

 

Singapore’s inflation cooled to 2.4% in 2024

Singapore’s inflation cooled to 2.4% in 2024, down from 4.8% in 2023 and a peak of 6.1% in 2022. Households across all income groups felt some relief, thanks to lower prices for cars, clothing, and certain food items. However, costs for essentials like food, healthcare, and public transport remained elevated, particularly impacting lower-income households.

Higher-income earners saw the smallest inflation increase at 2.1%, as they benefited from falling car prices. Meanwhile, lower-income households faced a 2.7% increase due to rising bus and train fares. Food prices continued to climb, with vegetables becoming more expensive, but seafood, pork, poultry, and eggs helping to offset costs.

E-commerce also played a role in keeping inflation lower, with consumers able to find cheaper deals online for clothing and everyday essentials. Looking ahead, transport costs remain a concern due to potential oil price hikes. While inflationary pressures persist, experts expect overall price increases to remain manageable in 2025.

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ALSO READ: Retirement Planning in Singapore: A Starter Guide for Confused Millennials and Gen Zs

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Singapore’s economy grew 4.4% in 2024

The numbers are in. Singapore’s economy outperformed expectations in 2024, growing by 4.4%—higher than initial estimates. The key drivers? A booming electronics sector, strong wholesale trade, and a surge in finance and insurance activity. However, retail and F&B sectors took a hit as more locals spent their money overseas, particularly in travel hotspots like Japan.

Looking ahead to 2025, GDP growth is expected to moderate to between 1% and 3%, with global uncertainties such as US trade policies and geopolitical tensions weighing on the outlook. Meanwhile, Singapore’s non-oil domestic exports rebounded slightly, led by demand for semiconductor chips.

 

Gold prices hit a record high this week

Gold prices hit yet another record high on 11 Feb 2025—its eighth record-high level so far in 2025. The reason for the spike? The rally was fueled by fears of a global trade war after President Trump slapped a flat 25% tariff on steel and aluminium imports, sparking market jitters.

Gold soared to US$2,942.70 on 11 Feb, before taking a slight breather and dipping 0.1% to $2,904.87 per ounce as traders cashed in profits. As of 14 Feb 2025, it’s now at $2,933.39.

Investors are keeping a close eye on U.S. inflation data, which could influence the Federal Reserve’s decision on rate cuts. If inflation stays high, the Fed may hold off on lowering rates, which could slow gold’s momentum. Higher interest rates make gold less attractive, but ongoing uncertainty keeps it in demand. It looks like gold continues to shine as a safe-haven asset, with the elusive US$3,000 milestone now in sight.

Silver, platinum, and palladium also saw small declines, but analysts believe gold’s overall trend remains bullish. Many traders see price dips as a chance to buy in, so don’t expect this gold rush to be over just yet.

 

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