# Million-Dollar HDB Resales Rise After Wait-Out Removal - **Source:** Stacked Homes - **Published:** 2026-09-03T11:35:38.000Z - **Author:** Sihan Chia - **Original:** https://stackedhomes.com/record-201-million-dollar-hdb-flats-sold-in-august-what-changed-after-15-month-wait-removed/ - **Topics:** HDB & Public Housing, Private Residential, Government & Policy ## Featured rationale The policy removal signals stronger right-sizing demand from private homeowners, which may support prices and transactions for larger, newer or centrally located HDB flats. ## AI summary After the 15-month wait-out period ended on 28 July 2026, August recorded a monthly high of 201 million-dollar HDB resale transactions. ## Original article It took nearly four years for the government to remove the 15-month wait-out period for private home owners purchasing non-subsidised HDB flats without a HDB loan. What started out as a temporary measure back in September 2022, aimed at moderating rising demand for large-sized HDB resale flats at the time, the property cooling measure loomed over the housing market. The immediate lifting of this policy on July 28 this year was largely foretold by most market analysts, who had expected – since 2025 – that the government would roll back the measure, in light of the recent stabilisation of the HDB resale market. We published an editorial last year, written by our deputy editor Ryan Ong, which argued that the policy had run its course: In a Weak Economy, This Policy Hurts Singaporean Homeowners Most. Now, in the month-long period since the removal of the wait-out period, we saw a spike in the number of record-breaking resale transactions for five-room and larger flats. While jaw dropping, million-dollar deals for resale HDB flats have been making headlines for some time, but the number of these deals closing in the past two weeks caught our eye. Recent record-breaking HDB resale transactions Area | Address | Price ($) | Price ($psf) | Size (sq ft) Geylang | 82B Circuit Road | 1,110,000 | 1,098.9 | 1,001 Bedok | 222A Bedok North Drive | 1,200,000 | 1,198.8 | 1,001 Tampines | 519B Tampines Central 8 | 1,120,000 | 954.9 | 1,172.8 Toa Payoh | 101A Lor 2 Toa Payoh | 1,350,000 | 853.5 | 1,581.7 Bedok | 153B Bedok South Road | 1,450,000 | 1,192.6 | 1,215.8 Pasir Ris | 530D Pasir Ris Drive 1 | 1,150,000 | 1,017.8 | 1,129.8 Compiled by Stacked By our count, at least six record-breaking deals were signed over the two-week period from August 24 to date. They include older resale flats to recently eligible resale flats. This doesn’t include other million-dollar and over $900,000 transactions that were also lodged, but didn’t set record prices in their respective neighbourhoods. It’s too early to say for certain if this is a temporary spike after the removal of the 15-month wait-out period, or if it catalyzes a steady pick up in demand for five-room flats, executive maisonettes, and executive apartments. (If you’re in the market for these large resale units, we have a comprehensive list of where those flats are located across Singapore, and the latest prices.) Regardless, it’s clear that record-setting HDB transactions are not going away anytime soon. In August alone, there were 201 million-dollar flats sold on the resale market, setting a new monthly high. The breakdown of seven-figure transactions included 82 units of four-room flats, 65 units of five-room flats, 53 executive flats, and a three-room HDB terrace in Queenstown. Source: Propnex We’ve covered most of the latest record-breaking HDB transactions over the past two weeks. They include: The sale of a five-room DBSS unit at Pasir Ris One that fetched $1.15 million A five-room flat at Bedok South Horizon which sold for $1.45 million Tampines Central 8, another DBSS, saw a five-room flat transact for $1.12 million But there have been other record-breaking deals in recent days as well. A four-room flat at Macpherson Spring was just transacted for $1.11 million earlier this week. The 1,001 sq ft unit, between the 19th to 21st floors, was sold for $1,089 psf. It was just two months ago that the previous record price at Macpherson Spring had been set. That sale involved a four-room flat that changed hands for $1.10 million in July. But this development is no stranger to seven-figure sales, with four-room flat prices starting to cross the million-dollar threshold in September 2024. For Macpherson Spring, from a record resale three-room flat transaction in April this year to the latest four-room transaction, prices have steadily been on the rise. A significant number of record-breaking four-room million-dollar transactions so far this year have stemmed from this development. Likewise, a four-room flat at Bedok Beacon changed hands for $1.2 million ($1,198 psf), and the 1,001 sq ft flat is between the 10th to 12th floors. This also edged up the previous record resale in Bedok by just $10,000 – the runner-up is a four-room flat at another BTO project, Bedok South Horizon. Bedok South Horizon has also been breaking records for five-room transactions. Between May and August, five separate resale transactions across both blocks saw flats change hands for over $1.2 million. Locational attributes are a strong pull, and contribute to million-dollar valuations Location, connectivity, and neighbourhood transformation are key contributing factors that have kept housing prices elevated in some of the areas around record-setting HDB resale flats. For projects like Macpherson Spring, the estate is near Macpherson Interchange on the Downtown and Circle Lines, and it is one stop away from Paya Lebar MRT station, a regional commercial hub with landmark buildings such as Paya Lebar Quarter, SingPost Centre, and Paya Lebar Square. Macpherson Spring saw a number of record transactions across three and four-room flats in recent years. (Map: HDB) For Bedok Beacon, similar attributes can be found. We last wrote about the 18,425 flats which are reaching their MOP in 2026, and this BTO project will contribute about 500 of the resale eligible flats, including two- and three-room units. The estate is in the heart of Bedok, located next to key amenities including the Bedok Integrated Transport Hub, Bedok Mall and Bedok Interchange Hawker Centre. The town centre, HDB branch office and Bedok MRT station are also a few minutes walk away. With the $1.2 million benchmark for the first transaction of the three blocks reaching MOP this year, prices at this BTO project could rise if demand for this area keeps up. The price increases may be more gradual at neighbouring estates, which comprise older flats with remaining leases of just over 50 years. Bedok Beacon’s first transaction set the benchmark for four-room units at $1.2 million. (Map: HDB) Why demand for large flats is surging, and how they’ve become the focal beneficiaries The recent lifting of the 15-month wait-out period has reopened the door for private home owners looking to right-size into the HDB resale market. From 28 July 2026, eligible private property owners can purchase non-subsidised HDB resale flats without waiting for 15 months after selling their previous home. For those pending appeals for a waiver of the waiting period, they may proceed to apply for a HDB Flat Eligibility (HFE) letter directly. This change follows several quarters of price moderation in the HDB resale market, which has shown signs of stabilisation. Many private property owners may have delayed right-sizing because of the need to arrange interim housing due to the 15-month waitout period. Now, they can move more directly from a private property to a large HDB resale flat within the timeframe it takes for the transaction and handover from their seller to be completed. We may see some private property owners who want to right-size into HDB flats prioritise these larger-sized flats: Five-room flats Executive Apartments Executive Maisonettes Multi-generation flats Larger units in mature estates As it is, the number of million-dollar resale transactions has been growing in recent years. More of such transactions are likely to appear in the future, largely driven by the increased pool of private home buyers downgrading. Over the long term, there’s a chance that the HDB resale market may become increasingly bifurcated rather than moving uniformly as one market. This is due to demand and prices of newer projects and bigger flats moving at a faster rate, rather than evenly across the entire HDB resale market. Stacked consultancy partner and property agent Norman Koh says that he has yet to see more private properties being listed following the policy change. He observes that the more centralised estates would be the ones that downsizing homeowners would be more keen on buying into. “Buyers for larger units such as executive flats tend to be retirees who are right-sizing, hence they would not be so concerned about shorter remaining leases,” says Koh. He also predicts that the buying interest in larger HDB flats such as the five-room flats and executive apartments would be short term and concentrated in areas where supply is limited. Even so, a sudden surge in the number of premium flat transactions is unlikely to significantly impact the overall resale market. With premium flat transactions accounting for a minority of total transactions, any price spikes will likely be contained within this specific segment. The impact will also be felt in rental demand for small condos and large HDB resale flats, as locals who used to lease these properties during the wait-out period no longer need to find temporary accommodation. Typically, premium HDB home buyers could be looking for space comparable to a private home, preferably in mature estates with established amenities. Other factors such as proximity to family, schools and transport connectivity may also come into play, although to a lesser extent for retirees. For some private property owners, a premium HDB flat is no longer seen as a downgrade, and more of a strategic lifestyle and wealth decision. ## Chinese translation > Translation model: grok_cli ### 等候期取消后，百万组屋转售上升 随着新加坡取消15个月等候期，麦波申泉（Macpherson Spring）和勿洛灯塔（Bedok Beacon）录得创纪录组屋转售交易，私人住宅业主正缩小居住规模、迁入更大户型组屋。 政府花了近四年时间，才取消针对购买非津贴组屋、且不使用组屋贷款的私人住宅业主所设的15个月等候期。 这项措施最初于2022年9月作为临时政策推出，旨在抑制当时对大型组屋转售单位不断上升的需求，此后这项楼市降温措施一直笼罩着住房市场。 今年7月28日这项政策被即时取消，大多已被市场分析师预料到。自2025年起，鉴于组屋转售市场近期趋于稳定，他们就预期政府会撤销这项措施。 我们去年刊登了一篇由副主编Ryan Ong撰写的评论文章，认为这项政策已完成其使命：《经济疲弱时，这项政策最伤害新加坡屋主》。 如今，在等候期取消后的一个月里，我们看到五房式及更大户型组屋的破纪录转售交易数量激增。尽管令人瞠目，组屋转售的百万新元交易登上新闻头条已有一段时间，但过去两周内成交的数量引起了我们的注意。 近期破纪录组屋转售交易 地区 | 地址 | 价格（新元） | 价格（新元/平方英尺） | 面积（平方英尺） 芽笼 | 82B Circuit Road | 1,110,000 | 1,098.9 | 1,001 勿洛 | 222A Bedok North Drive | 1,200,000 | 1,198.8 | 1,001 淡滨尼 | 519B Tampines Central 8 | 1,120,000 | 954.9 | 1,172.8 大巴窑 | 101A Lor 2 Toa Payoh | 1,350,000 | 853.5 | 1,581.7 勿洛 | 153B Bedok South Road | 1,450,000 | 1,192.6 | 1,215.8 巴西立 | 530D Pasir Ris Drive 1 | 1,150,000 | 1,017.8 | 1,129.8 由Stacked汇编 据我们统计，自8月24日至今的两周内，至少有六宗破纪录交易成交。涵盖较旧的转售组屋，以及近期才符合转售资格的组屋。这还不包括同期登记的其他百万新元交易，以及超过新元90万元、但未创下所在邻里纪录价的交易。 现在仍言之过早，无法确定这只是15个月等候期取消后的暂时激增，还是会催化对五房式组屋、行政排屋和行政公寓需求的稳步回升。 （如果你正在物色这类大型转售单位，我们整理了一份涵盖全岛这些组屋所在位置及最新价格的完整清单。） 无论如何，很明显创纪录的组屋交易短期内不会消失。仅在8月，转售市场上就有201个百万新元组屋成交，创下单月新高。七位数交易的构成包括82个四房式单位、65个五房式单位、53个行政组屋，以及女皇镇一间三房式组屋排屋。 来源：Propnex 过去两周，我们已报道了大部分最新破纪录组屋交易，其中包括： 巴西立第一（Pasir Ris One）一个五房式DBSS单位以新元115万元成交 勿洛南地平线（Bedok South Horizon）一个五房式单位以新元145万元售出 淡滨尼中心8道（Tampines Central 8）另一个DBSS项目，一个五房式单位以新元112万元成交 不过近日还有其他破纪录交易。本周早些时候，麦波申泉（Macpherson Spring）一个四房式单位刚以新元111万元成交。该1,001平方英尺单位位于19至21楼之间，成交价为每平方英尺新元1,089元。 就在两个月前，麦波申泉才刚创下此前的纪录价。那宗交易是7月一个四房式单位以新元110万元转手。不过这个项目对七位数成交并不陌生，四房式价格从2024年9月起就开始跨越百万新元门槛。 就麦波申泉而言，从今年4月创纪录的三房式转售交易，到最新的四房式成交，价格一直稳步上升。今年迄今相当一部分破纪录的四房式百万新元交易，都来自这个项目。 同样，勿洛灯塔（Bedok Beacon）一个四房式单位以新元120万元（每平方英尺新元1,198元）转手，该1,001平方英尺单位位于10至12楼之间。这也仅以新元1万元之差刷新了勿洛此前的转售纪录——亚军是另一个预购组屋/BTO项目勿洛南地平线（Bedok South Horizon）的一个四房式单位。 勿洛南地平线在五房式交易方面也在不断破纪录。5月至8月期间，两个组屋座共有五宗独立转售交易，成交价均超过新元120万元。 地段优势具有强大吸引力，并推动百万新元估值 地段、交通便利性以及邻里改造，是令部分创纪录组屋转售单位周边房价维持高位的关键因素。 以麦波申泉这类项目为例，该组屋区靠近滨海市区线和环线上的麦波申换乘站（Macpherson Interchange），距离区域商业枢纽巴耶利峇地铁站仅一站之遥，周边地标建筑包括巴耶利峇坊（Paya Lebar Quarter）、新加坡邮政中心（SingPost Centre）和巴耶利峇广场（Paya Lebar Square）。 麦波申泉近年来在三房式和四房式单位中出现多宗纪录交易。（地图：HDB） 勿洛灯塔也具备类似条件。我们上次写过2026年将满最低居住年限（MOP）的18,425个组屋单位，而这个预购组屋/BTO项目将贡献其中约500个符合转售资格的单位，包括两房式和三房式。 该组屋区位于勿洛核心地带，紧邻勿洛综合交通枢纽、勿洛商场（Bedok Mall）和勿洛换乘站熟食中心等主要设施。市镇中心、HDB分行办事处和勿洛地铁站步行也只需几分钟。 随着今年满最低居住年限的三个组屋座首宗交易定下新元120万元的基准，若该地区需求持续，这个预购组屋项目的价格可能继续上涨。邻近组屋区的涨幅可能更为渐进，因为那里多为剩余租约刚过50年的较旧组屋。 勿洛灯塔的首宗交易将四房式单位基准定在新元120万元。（地图：HDB） 大型组屋需求为何激增，以及它们如何成为主要受益者 近期取消15个月等候期，重新为希望以适居规模转入组屋转售市场的私人住宅业主打开了大门。 自2026年7月28日起，符合资格的私人住宅业主在出售原有住房后，无需再等候15个月，即可购买非津贴组屋转售单位。对于正在申请豁免等候期、尚待审批的人士，他们可直接申请组屋资格信（HFE）。 这一变化是在组屋转售市场价格连续数个季度缓和、并已出现企稳迹象之后作出的。 许多私人住宅业主可能因15个月等候期需要安排过渡住房而推迟了适居调整。现在，他们可以更直接地从私人住宅迁入大型组屋转售单位，时间只需覆盖交易完成及卖方交屋所需的周期。 我们可能会看到，部分希望适居调整、转入组屋的私人住宅业主，会优先考虑这些较大户型： 五房式组屋 行政公寓 行政排屋 多代同堂组屋 成熟组屋区的较大单位 事实上，百万新元转售交易数量近年来一直在增加。未来这类交易很可能还会更多，主要受更多私人住宅买家降级置业所推动。 长期来看，组屋转售市场有可能日益分化，而不是作为一个整体齐步变动。这是因为较新项目和较大户型的需求与价格上涨更快，而不是在整个组屋转售市场均匀分布。 Stacked咨询合伙人兼房地产经纪人Norman Koh表示，政策调整后，他尚未看到更多私人住宅挂牌。他观察到，降级置业的屋主会更有兴趣买入位置更靠近市中心的组屋区。 Koh说：“购买行政组屋等较大单位的买家往往是正在适居调整的退休人士，因此他们对剩余租约较短不会那么在意。”他还预测，对五房式和行政公寓等较大组屋的买盘兴趣将是短期的，并集中在供应有限的地区。 即便如此，优质组屋交易数量突然激增，不太可能对整体转售市场造成显著影响。由于优质组屋交易只占总成交的少数，任何价格急升很可能局限在这一特定细分市场。 影响也会体现在小型共管公寓和大型组屋转售单位的租赁需求上，因为过去在等候期内租住这些房产的本地人，不再需要寻找临时住所。 通常，优质组屋买家可能在寻找接近私人住宅的空间，并更倾向选择设施完善的成熟组屋区。靠近家人、学校和交通便利等因素也可能发挥作用，不过对退休人士而言影响相对较小。 对部分私人住宅业主而言，优质组屋已不再被视为降级，而更像是一项战略性的生活与财富决策。