No more 15-month wait-out period for private property owners who buy HDB flats: Chee Hong Tat

People who sell their private homes to buy public flats will not need to wait 15 months to do so with immediate effect.

This was announced by National Development Minister Chee Hong Tat on Jul. 28.

In a joint statement by Ministry of National Development (MND) and Housing and Development Board (HDB) on the same day, it was announced that private residential property owners who purchase a non-subsidised HDB resale flat without an HDB housing loan will not be subjected to a 15-month wait-out period.

"This follows several quarters of price moderation in the HDB resale market, which is showing signs of stabilisation," the statement added.

The pandemic led to delays in new flats construction, causing an imbalance of supply and demand, which caused resale housing prices to rise, Chee said at the 11th Singapore Economic Review Conference, according to CNA.

With the government ramping up supply, prices have moderated significantly, he added.

Property cooling measures were introduced in September 2022.

The 15-month wait-out period was to moderate the demand for HDB resale flats at the time, the joint statement added.

Access to affordable public housing was prioritised for Singaporeans, such as first-time homebuyers, who may have more urgent housing needs.

Authorities said previously that the wait-out period was a temporary measure.

However, there were exemptions made for some segments of homeowners.

Singapore citizens aged 55 and above were exempted from the 15-month wait-out period if they moved from their private property to a four-room or smaller non-subsidised HDB resale flat.

This was to better support the retirement needs of seniors.