15-month wait-out period for private property owners to buy HDB flats removed: Chee Hong Tat

Singapore has immediately removed the 15-month waiting period for individuals who sell private homes before purchasing public Housing and Development Board (HDB) flats. National Development Minister Chee Hong Tat announced the change Tuesday, stating that the pandemic-induced delays in construction had led to an imbalance in housing supply and demand, which in turn drove up resale prices.

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The 15-month wait-out period for people who sell private homes to buy public flats will be removed with immediate effect.

Mr. Chee explained that with the government's efforts to increase housing supply, prices have significantly moderated. The 15-month wait-out period was one of several property cooling measures implemented in September 2022. Its purpose was to curb demand for HDB resale flats and ensure that Singaporeans with more pressing housing needs, like first-time buyers, had priority.

Authorities had previously indicated the measure was temporary. Last year, the Ministry of National Development revealed that HDB processed approximately 1,800 appeals annually from private property owners seeking a waiver. HDB granted waivers in about one in four cases, primarily for households facing financial difficulties or extenuating circumstances with no alternative housing.

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

In addition to the wait-out period change, Mr. Chee announced an extension of the Additional Buyer's Stamp Duty (ABSD) remission timeline. Developers acquiring large en bloc sites for redevelopment will now have one year, an increase from the previous six months, to qualify for the remission. This change acknowledges the extended timelines required for redeveloping large sites, particularly those that will yield a significantly higher number of units.

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We recognise that developers seeking to undertake the redevelopment of large residential on-block sites will require more time. They may not be able to meet the regular ABSD remission timelines.