The Government may consider removing the 15-month wait-out period for certain private property owners looking to buy HDB resale flats — but only when resale price pressures ease, according to Minister for Transport and Second Minister for Finance Chee Hong Tat.

Introduced as a cooling measure in 2022, the wait-out period was aimed at moderating demand from private home downgraders who were contributing to rapid resale price growth.

Why the 15-Month Rule Was Introduced

The measure targeted a specific trend: private property owners entering the resale market with significant capital gains, placing upward pressure on prices. It was designed to:

• Slow demand from cash-rich buyers
• Protect affordability for first-timers and upgraders
• Stabilise pricing in the resale market

While effective in cooling demand, the rule has also affected genuine right-sizers and retirees.

When Could the Rule Be Removed?

Chee Hong Tat stated that the Government is closely monitoring market conditions and may remove the wait-out period when:

• HDB resale prices moderate sustainably
• Supply-demand balance improves
• New BTO completions ease market pressure

Analysts expect that with more flats completing in the coming years, resale demand could gradually soften.

Impact on Buyers and Sellers

The potential policy reversal could have several implications:

• More downgraders may re-enter the resale market
• Increased demand for larger, mature-estate flats
• Possible price uplift for specific flat types if demand rises suddenly
• More liquidity in the resale segment

However, HDB is expected to calibrate the timing carefully to avoid reigniting price spikes.

How This Affects the Property Landscape

For private homeowners who held off moving into the HDB market, the removal of the rule may open new pathways for:

• Right-sizing into affordable units
• Unlocking equity from private homes
• Transitioning into retirement planning modes

For the broader market, it signals a more flexible, responsive approach to housing policy — one guided by market data and affordability objectives.

TopBroker Insight

The possible removal of the 15-month wait-out period is a major signal for buyers and sellers. It suggests that the Government is prepared to fine-tune cooling measures as the market stabilises, ensuring fairness without compromising affordability. For homeowners planning to right-size or restructure their property portfolio, timing will be key.