Private residential property owners will no longer have to wait 15 months before purchasing a non-subsidised HDB resale flat, following the Government’s decision to remove the temporary cooling measure with immediate effect.
National Development Minister Chee Hong Tat announced the change on Jul. 28, saying the HDB resale market has shown signs of stabilising after several quarters of moderating prices.
The move marks the end of a policy introduced in 2022 to curb demand in the resale market during a period of rapidly rising prices.
Wait-Out Period Removed With Immediate Effect
In a joint statement, the Ministry of National Development (MND) and the Housing and Development Board (HDB) said private residential property owners purchasing a non-subsidised HDB resale flat without taking an HDB housing loan will no longer be subject to the 15-month wait-out period.
The authorities said the decision follows sustained moderation in HDB resale prices, indicating that market conditions have become more stable.
Chee made the announcement during the 11th Singapore Economic Review Conference, where he noted that the Government’s efforts to increase housing supply have helped ease pressure on the resale market.
Cooling Measure Introduced During Pandemic Housing Crunch
The 15-month wait-out period was first introduced in September 2022 as part of a series of property cooling measures.
At the time, construction delays caused by the Covid-19 pandemic had reduced the supply of new flats, while strong housing demand drove HDB resale prices sharply higher.
The temporary rule required most private property owners to wait 15 months after selling their homes before they could purchase a non-subsidised HDB resale flat.
The objective was to moderate demand from private homeowners and prioritise affordable public housing for Singaporeans with more pressing housing needs, particularly first-time buyers.
Seniors Previously Exempted
Although the rule applied broadly, some groups were exempted.
Singapore citizens aged 55 and above were allowed to buy a four-room or smaller non-subsidised HDB resale flat without serving the 15-month wait-out period after selling their private property.
The exemption was introduced to support seniors who wished to right-size their homes as part of their retirement planning.
With the latest policy change, the wait-out requirement has now been removed for eligible private residential property owners across the board, allowing them to purchase qualifying HDB resale flats immediately after selling their private homes.
The Government had previously stated that the 15-month wait-out period was intended to be a temporary measure, with its removal dependent on housing market conditions returning to a more stable level.