PUBLISHED ONJuly 28, 2026 2:15 AMUPDATED10 minutes agoBYSean LerThe 15-month wait-out period for private property owners buying HDB resale flats, which was introduced in 2022 as a temporary measure to moderate demand, has been removed with immediate effect.
Announcing this at the Singapore Economic Review Conference held at Orchard Hotel Singapore on Tuesday (July 28), Minister for National Development Chee Hong Tat said that the Government's policies must evolve and adapt to society's changing needs.
The change means private residential property owners (PPOs) and former PPOs purchasing a non-subsidised HDB resale flat without an HDB housing loan will no longer be subject to the 15-month wait-out period.
He said that the Government takes a pragmatic approach to policymaking and will do what works best for Singapore based on evidence rather than ideology.
"This includes changing course when faced with a new situation or operating environment," he added.
The wait-out period was introduced to cool the HDB resale market, which was heating up partly due to demand from private property downgraders flush with capital.
These buyers were seen as contributing to rising resale prices, as they generally had greater purchasing power and could outbid first-time home buyers in the resale market.
The measure was introduced on Sept 30, 2022 as part of a wider package of property cooling measures aimed at moderating demand and ensuring HDB resale flats remained affordable for buyers with greater housing needs.
Last June, at a community event held in Toa Payoh, Chee had suggested that the wait-out period could be relaxed before 2027, given an expected rise in supply of new and resale flats.
Contextualising this, he pointed out that the supply of resale flats is expected to rise from 2026, as batches of Build-To-Order (BTO) flats affected by the Covid-19 pandemic reach their five year minimum occupation period (MOP).
HDB said the number of flats reaching MOP is expected to increase from about 8,000 units in 2025 to 13,500 in 2026, 15,000 in 2027 and 19,500 in 2028.
In addition, the Housing and Development Board (HDB) had announced that it will be launching 50,000 units from 2025 to 2027.
Chee also said that he expects that the effect of a strong continued supply of new BTO flats and resale units would moderate resale prices, making it timely for the authorities to consider if the 15-month cooling measure should be partially or entirely removed.
“So, that is why I said [this would be considered] at the right time, when the resale market has stabilised, and when the supply of resale flats increase, which we think will happen in the next few years, because this year is actually the year where the turn will happen,” the national development minister said then.
Data from HDB published on July 24 shows that resale prices have slipped for two straight quarters, with the resale price index down 0.3 per cent in the second quarter of 2026.
This follows a 0.1 per cent decline in the first quarter.
According to HDB, the resale market has shown signs of stabilisation, following five consecutive quarters of slower or no price growth from the fourth quarter of 2024 to the fourth quarter of 2025.
The Government also noted that a larger number of flats will complete their Minimum Occupation Period (MOP) and enter the resale market over the next few years, supporting supply.
Christine Sun, chief researcher and strategist of Realion (OrangeTee & ETC) Group, attributes the faster pace of price decline in the second quarter to intense competition from the BTO market, prevailing market uncertainties and a weaker hiring outlook.
She also expects price growth in the HDB resale market to remain subdued in the second half of the year, owing to macroeconomic uncertainties and dimmer job outlook, as well as increased competition from the nearly 8,000 more BTO flats across seven projects to be launched in October.
With immediate effect, private residential property owners and former private residential property owners buying a non-subsidised HDB resale flat without an HDB housing loan will no longer need to serve a 15-month wait-out period.
Those who already hold a valid HDB Flat Eligibility (HFE) letter and whose purchase plans remain unchanged will not be affected.
For HFE applications that are currently being processed, HDB will automatically update applicants' eligibility status and no action is required.
Private property owners who purchase an HDB resale flat must still dispose of their private residential property in Singapore or overseas within six months of completing their HDB resale purchase.
The existing 30-month wait-out period remains in place for those who wish to buy a subsidised HDB flat, a resale flat with housing grants, an executive condominium from a developer, or who intend to take up an HDB housing loan.
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