SINGAPORE – The 15-month wait-out period for private property downgraders looking to buy a resale flat has been lifted with immediate effect, said National Development Minister Chee Hong Tat.
Announcing this on July 28, Chee said market conditions have improved and the Government has assessed that the cooling measure has met its purpose.
He noted that HDB resale prices have moderated significantly from a high of 10.4 per cent in 2022 to 2.9 per cent in 2025.
HDB resale prices declined for the second consecutive quarter in the second quarter of 2026, after dipping for the first time in close to seven years in the first quarter of the year.
“With this change, private property owners of all ages will no longer face a wait-out period to buy a non-subsidised HDB resale flat of any size,” Chee said in a speech at the 11th Singapore Economic Review Conference.
Introduced as part of several property cooling measures in September 2022, the 15-month wait-out period was aimed at curbing demand from cash-rich private home owners looking to buy a non-subsidised resale Housing Board flat.
Singapore citizens aged 55 and above were exempted from the wait-out period if they moved from their private property to a four-room or smaller HDB resale flat.
Shortly after taking over as National Development Minister in May 2025, Chee said the measure was not meant to be permanent, and that it would be lifted “when the situation improves”.
He later said in June that year that private property owners might not need to wait till 2027 or 2028 for a review of the measure, as a strong continued supply of new Build-To-Order (BTO) flats and resale units would moderate resale prices.
As at March 31, 2025, HDB received and processed about 5,500 appeals for a waiver of the requirement, of which about a quarter were approved.
In a joint statement on July 28, the Ministry of National Development and Housing Board said the stabilisation of the resale market is also supported by a larger number of new flats becoming eligible for resale after their minimum occupation period (MOP).
About 13,500 flats will reach their MOP in 2026. This will rise to 15,000 in 2027, and 19,500 in 2028.
Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc, said the removal of the wait-out period is consistent with the Government’s “increasingly calibrated approach towards housing policy”.
He said the move should not be viewed as a broad relaxation of cooling measures, but as a targeted policy adjustment that restores flexibility in a market where price momentum has moderated.
Seen together with recent changes such as the revision to the executive condominium framework, said Sandrasegeran, these policy moves suggest that the Government “is increasingly adopting a segment-specific approach, tightening policies where affordability pressures remain elevated while selectively easing restrictions where market conditions have stabilised”.
Christine Sun, chief researcher and strategist at Realion Group, which comprises property firms OrangeTee and ETC, said removing the wait-out period will likely increase demand and prices of larger flats.
“Currently, the number of million-dollar resale transactions has been growing, and we expect to see more of such transactions, largely driven by the increased pool of private home buyers downgrading,” she said. Sun noted, however, that a surge in premium flat transactions is not likely to significantly impact the resale market on the whole.
“Because premium flat transactions still account for a minority of total transactions, any price spikes will likely be contained within this specific segment,” she said, adding that ample supply of resale flats will keep price growth stable and measured in the years to come.
Kelvin Fong, chief executive of PropNex, said the move may help add some private residential units to the resale market, as current owners of these units who are keen to right-size might let go of their units.
In his speech, Chee also cited how the Government has made changes to the housing policy for singles over the years, such as when the resale market for flats was opened to singles aged 35 and above in the 1990s.
In the 2010s, singles were allowed to buy two-room BTO flats in non-mature estates. They have been able to buy such flats islandwide with the current flat classification system introduced in 2024.
“To further support younger singles, the Government is looking at lowering the eligibility age of 35 for singles to buy HDB flats. This policy is currently under careful review,” he said.
Chee said these examples reflect the Government’s pragmatic approach to policymaking, adding that keeping policies relevant is essential to ensure they can deliver good outcomes.
Besides reviewing policies regularly to meet changing societal needs, Chee said the Government also has to balance trade-offs for development in land-scarce Singapore.
He said that because of Singapore’s size, the country is often confronted with trade-offs in land use planning, and that the Government will “continue to engage openly and candidly with the public” about this, and where the right balance lies.
“As we navigate trade-offs in land use to maintain a robust supply of housing, there are also significant fiscal trade-offs involved. Because as we know, every dollar spent on public housing is a dollar not spent elsewhere for education, defence, healthcare, economic development or social welfare.”
Chee noted that the HDB incurs a deficit of several billions of dollars per year to support home ownership in Singapore, such as through the building of flats and handing out of grants to purchase them.
The Government makes this investment because it believes it is important for every generation of Singaporeans to have access to affordable public housing, he said, adding that this remains the PAP Government’s commitment to Singaporeans.
“Source:[No more 15-month wait-out period for private home owners to buy HDB resale flats: Chee Hong Tat] © Singapore Press Holdings Limited. Permission required for reproduction”
