# Singapore Removes 15-Month Wait-Out Period For Private Homeowners Buying Resale HDB Flats: Will Prices Rise Again?

- **Source:** Stacked Homes
- **Published:** 2026-07-28T05:38:58.000Z
- **Author:** Ryan J. Ong
- **Original:** https://stackedhomes.com/singapore-removes-15-month-wait-out-period-for-private-homeowners/
- **Topics:** HDB & Public Housing, Private Residential, Government & Policy

## Featured rationale

The change may briefly lift demand for larger flats in mature estates while facilitating right-sizing, although increased supply could limit broader resale price effects.

## AI summary

Singapore removed the 15-month wait-out period for private property owners purchasing resale HDB flats from July 28 after resale price growth moderated significantly.

## Original article

On July 28, the government removed a crucial property cooling measure that shaped the swift recovery in the property market after the end of the Covid-19 pandemic. Starting from today, private property owners no longer have to wait 15 months after selling their home before they can buy a resale flat.

In a speech announcing the change, National Development Minister Chee Hong Tat said that the measure had achieved its purpose, and that market conditions have stabilised sufficiently to remove it.

For anyone who remembers why the 15-month wait-out period was implemented in the first place, this announcement is probably less surprising than it appears.

A property cooling measure designed to deal with a situational problem

When the wait-out period was introduced back in September 2022, Singapore’s resale HDB market appeared to be in danger of overheating.

Resale prices had risen by 10.4% that year, and this was a slowdown at that point. The strong performance in the HDB resale market was attributed to cash-rich private property owners, who were also capitalising on rising prices in the private property market to realise the value of their homes.

These so-called ‘right-sizers’ – private home owners downgrading to public housing – were often on the final leg of their property journey. Largely unburdened by concerns about future resale gain, since most would likely not move or sell their property again, they were often willing to pay significantly higher prices to purchase a four- or five-room HDB flat.

This contributed to a significant hike in the price of resale five-room flats, and the 15-month wait-out period was implemented to divert buying demand away from these large-sized units in the public housing market.

It meant that anyone selling a private residential property to buy a resale five-room flat would need to wait 15 months before purchasing that type of flat, unless they qualified for specific exemptions such as those aged 55 or older or right-sizing to a four-room or smaller flat.

However, we should point out that the measure was never presented as a permanent measure, and it was introduced to buy time for the public housing market to adapt while longer-term supply measures took effect.

We also saw that the measure had proportionately less direct success compared to the increase in resale housing supply

Despite the wait-out period, the number of million-dollar HDB transactions continued to climb sharply. Even while the policy was in place, what really moved the needle wasn’t the fact that private home buyers had to wait 15 months to buy a five-room resale flat.

Instead, construction delays eased, Build-To-Order (BTO) supply expanded, and more flats reached their Minimum Occupation Period (MOP). Recently, we also saw the introduction of shorter waiting time flats, which can be built in just around three years, and an increase in the number of Plus and Prime projects at each BTO sales exercise.

(While Plus and Prime projects are not direct alternatives to pricier resale flats in desirable areas, they do siphon off some of the buying demand from buyers who are truly focused on the location and don’t mind the 10-year MOP or other restrictions.)

Thus, it became clear that the increase in public housing supply did more to divert buying demand for resale five-room flats. And among most market analysts, the removal of the 15-month wait-out period became a matter of when, not if.

Christine Sun, Chief Researcher & Strategist at Realion (OrangeTee & ETC) Group, notes that since the consistent ramp-up supply of BTO flats over the past few years, coupled with more resale flats reaching MOP, resale prices have been growing at a more moderate pace.

“With more HDB flats reaching MOP and another batch of new flats scheduled to be released in October this year, price growth may remain subdued in the second half of the year, hampered by macroeconomic uncertainties and a dimmer job outlook,” she says, adding that overall application rates for HDB’s BTO flats have been consistently falling, translating to higher ballot success rates for first-timers, amid an ample supply of BTO and SBF flats.

The overall application rate of the June BTO sales launch was 3.4, slightly lower than the 3.7 rate in the October 2025 sales exercise and below the past four-year average application rate of 3.9 (from February 2022 to February 2026). “This implies that competition for flats has eased and the ramp-up in BTO supply is meeting current housing demand,” says Sun.

The HDB resale market today looks very different compared to 2022

On a yearly basis, HDB resale price growth slowed from 10.4% in 2022 to a mere 2.9% in 2025. Resale flat prices have now declined for two consecutive quarters in 2026, something we have not seen in almost seven years. You can see more on the numbers here.

Besides increased BTO supply, as well as Prime and Plus flats and shorter waiting time flats, there is one other factor: over 13,400 flats are expected to reach their MOP in 2026.

Number of MOP flats by year (2024-2028) Credit: Data.gov.sg, HDB, ERA Research

This means that resale buyers today have more options than they did back in 2022, which was marked by a mismatch in housing demand and supply. The government has always stood behind supply as the more durable solution, and today’s announcement bears that out.

Eugene Lim, Key Executive Officer of ERA Singapore, says that the tangible cooling of the market could have been a key reason that the government has reconsidered and eventually removed the 15-month wait-out period.

“The removal of the 15-month wait-out period is a measured response to a more balanced HDB resale market. It gives private homeowners greater flexibility to right-size, while the larger pipeline of flats reaching MOP should help the market absorb the additional demand and preserve overall market stability,” he says.

Who stands to benefit the most from this reversal?

We reckon that the immediate beneficiaries are actually a small segment of buyers in the resale market today, but are those who are in urgent need for a five-room flat.

These are homebuyers in tight financial situations or who are overleveraged. While this isn’t common in Singapore, there are certain industries – such as in tech and finance – where AI disruptions may be affecting income. Those who bought a private property in better times can now right-size to a resale flat, without the added costs of renting.

Another group of beneficiaries are older Singaporeans who want to buy a larger flat. For example, those right-sizing from older and larger condo units or even landed homes, who would prefer executive flats or five-room flats. Previously, they would have been impacted by the 15-month wait as well, if they wanted a resale flat larger than a four-room.

ERA outlines the following guidelines for buyers:

If you are an existing private property owner, you would still need to dispose of all private residential property interests in Singapore and overseas within six months, after completing the HDB resale purchase. Private home owners also still need to obtain a HDB Flat Eligibility (HFE) letter in order to purchase a resale flat, much like first-time resale flat buyers.

Meanwhile, private home owners who want to purchase a subsidised HDB flat (such as a BTO) with or without housing grants, or a resale flat with housing grants, an Executive Condominium unit from a property developer, or intend to obtain an HDB housing loan for their flat purchase, the existing requirement to wait out a period of 30 months after the disposal of their private residential property remains unchanged.

Turning back to the situation in the public housing market, while an increase in housing supply has ramped up competition in the resale market lately, this reversal could lead to a short burst in buying activity in the five-room segment. With restrictions lifted, there may be a momentary surge of resale flat buyers rushing into the market.

Will this push HDB resale prices up again?

The group affected by the wait-out period has always been relatively small compared to the overall HDB resale market. While some pent-up demand may return, the public housing market is different compared to its profile four years ago.

Certain segments of the resale market, such as larger flats in mature estates that are particularly attractive to right-sizers, might be on the receiving end of some pent-up demand. But I would be surprised if this policy’s removal materially raises resale flat prices.

“We view the removal of the 15-month wait-out period as a measured policy recalibration that gives private homeowners greater flexibility to right-size, while retaining the safeguards governing subsidised public housing,” says Lim of ERA

He adds that making it easier for private homeowners to purchase resale five-room flats may also facilitate smoother movement across the housing ladder, potentially releasing more private resale homes when affected owners dispose of their existing properties. But he also cautions that these transactions will require careful coordination of HFE applications, financing, sale proceeds and completion timelines.

Meanwhile, Sun cautions that with more private home buyers now able to buy bigger resale flats, demand for slightly smaller ones like four-room resale flats may fall. “Therefore, the two-speed market may persist, whereby demand and price growth may continue to be slow for smaller and less well-located flats, whereas newer and bigger resale flats may continue to perform well,” she says.

Ultimately, today’s announcement signals that the government is confident in the overall stability of the HDB resale market. While there will always be unique HDB flats commanding high prices (such as DBSS flats, flat at landmarks like The Pinnacle @ Duxton, and so forth) the resale market as a whole has clearly moved on since the heady days of the post pandemic phase.

## Chinese translation

> Translation model: grok_cli

### 新加坡取消私人业主购买转售组屋的15个月等待期：价格会否再度上涨？

新加坡自2025年7月28日起取消私人业主购买转售组屋的15个月等待期。以下是这一变化对组屋买家、卖家及私人业主的意义，以及为何此举与转售价格增速放缓的时机相吻合。

7月28日，政府取消了一项关键的房产降温措施，该措施曾塑造了新冠疫情结束后房地产市场的迅速复苏。自今日起，私人业主在出售房屋后，无需再等待15个月即可购买转售组屋。

在宣布这一变更的演讲中，国家发展部长徐芳达表示，该措施已达到目的，且市场状况已足够稳定，可以将其取消。

对任何记得当初为何实施15个月等待期的人而言，这一公告或许并不像表面看起来那样令人意外。

一项旨在应对阶段性问题的房产降温措施

当等待期于2022年9月推出时，新加坡转售组屋市场似乎有过热之虞。

当年转售价格上涨了10.4%，而当时这已是增速放缓。组屋转售市场的强劲表现被归因于现金充裕的私人业主，他们也在借助私人住宅市场的涨价兑现房屋价值。

这些所谓的“适居规模调整者”（right-sizers）——从私人住宅降级到公共住房的业主——往往处于其置业历程的最后一程。由于多数人很可能不再搬迁或再次出售物业，他们大体上不受未来转售收益的牵制，往往愿意以显著更高的价格购买四房式或五房式组屋。

这推动了转售五房式组屋价格大幅上涨，因此实施15个月等待期，以将购买需求从公共住房市场中这些较大单位 divert 开。

这意味着，任何出售私人住宅物业以购买转售五房式组屋的人，须等待15个月后才能购买该类型组屋，除非符合特定豁免，例如年满55岁，或降级至四房式或更小单位。

不过，应指出的是，该措施从未被表述为永久性措施，其推出是为公共住房市场适应争取时间，同时让较长期的供应措施生效。

我们也看到，与增加转售住房供应相比，该措施的直接成效相对较小

尽管有等待期，百万组屋交易数量仍持续急剧攀升。即便在政策实施期间，真正起作用的并非私人住宅买家须等待15个月才能购买五房式转售组屋这一事实。

相反，工程延误缓解、预购组屋（BTO）供应扩大，以及更多组屋达到最低居住年限（MOP）。近来，我们还看到推出等候期更短的组屋（约三年即可建成），以及每次BTO销售中Plus与Prime项目数量的增加。

（虽然Plus与Prime项目并非理想地段高价转售组屋的直接替代品，但它们确实分流了部分真正看重地段、且不介意10年MOP或其他限制的买家需求。）

因此，很明显是公共住房供应的增加，在更大程度上分流了对转售五房式组屋的购买需求。在多数市场分析师看来，取消15个月等待期已是时间问题，而非会否发生的问题。

立信产业（OrangeTee & ETC）集团首席研究员兼策略师孙韵表示，过去几年BTO组屋持续加大供应，加上更多转售组屋达到MOP，转售价格增速已更为温和。

“随着更多组屋达到MOP，以及另一批新组屋计划于今年10月推出，下半年价格增长或将因宏观经济不确定性与就业前景转弱而保持低迷，”她说，并补充称建屋发展局BTO组屋的整体申请率持续下降，转化为首次申请者更高的抽签成功率，同时BTO与剩余单位（SBF）供应充足。

6月BTO销售启动的整体申请率为3.4，略低于2025年10月销售的3.7，并低于过去四年平均申请率3.9（自2022年2月至2026年2月）。“这意味着组屋竞争有所缓解，BTO供应的加大正满足当前住房需求，”孙韵说。

今日的组屋转售市场与2022年已大不相同

按年计算，组屋转售价格增长从2022年的10.4%放缓至2025年的仅2.9%。转售组屋价格在2026年已连续两个季度下跌，这是近七年来未见的情况。更多数据可在此查看。

除BTO供应增加，以及Prime与Plus组屋和更短等候期组屋外，还有另一个因素：预计2026年将有超过13,400个单位达到MOP。

按年统计的MOP组屋数量（2024-2028） 来源：Data.gov.sg、建屋发展局、ERA研究

这意味着今日的转售买家比2022年拥有更多选择，当时住房需求与供应错配。政府始终将供应视为更持久的解决方案，今日的公告也印证了这一点。

ERA Singapore首席执行官林尤金表示，市场切实降温可能是政府重新考虑并最终取消15个月等待期的关键原因。

“取消15个月等待期，是对更趋平衡的组屋转售市场作出的审慎回应。它为私人业主提供更大的适居规模调整弹性，而更大一批达到MOP的组屋供应管道，应有助于市场吸收额外需求并维持整体市场稳定，”他说。

谁将从这一逆转中获益最大？

我们认为，直接受益者其实是今日转售市场中较小的一部分买家，即急需五房式组屋的人士。

他们是财务状况紧张或过度杠杆的购房者。虽然这在新加坡并不常见，但在某些行业——例如科技与金融——人工智能冲击可能影响收入。那些在较好时期购入私人住宅的人，如今可降级至转售组屋，而无需额外承担租金成本。

另一受益群体是希望购买较大单位的年长新加坡人。例如，从较旧、较大的共管公寓甚至有地住宅降级、更偏好行政公寓或五房式组屋的人士。以往，若他们想购买大于四房式的转售组屋，也会受到15个月等待期的影响。

ERA为买家列出以下指引：

若您是现有私人业主，在完成组屋转售购买后，仍须在六个月内处置在新加坡及海外的所有私人住宅物业权益。私人业主亦仍须取得建屋发展局组屋资格（HFE）信函方可购买转售组屋，与首次购买转售组屋的买家相同。

与此同时，若私人业主希望购买有或无住房津贴的补贴组屋（如BTO）、有住房津贴的转售组屋、发展商推出的执行共管公寓单位，或拟为其组屋购买取得建屋发展局住房贷款，则在处置私人住宅物业后须等待30个月的现有要求保持不变。

回到公共住房市场的情况，尽管住房供应增加近来加剧了转售市场竞争，这一逆转或可在五房式细分领域带来短暂的购买热潮。限制解除后，可能出现转售组屋买家涌入市场的短暂高峰。

这会否再次推高组屋转售价格？

受等待期影响的群体，相对于整体组屋转售市场一直相对较小。尽管部分积压需求可能回归，但公共住房市场与四年前的面貌已不相同。

转售市场的某些细分——例如对适居规模调整者特别有吸引力的成熟市镇较大单位——可能会承接一些积压需求。但如果这项政策的取消会实质推高转售组屋价格，我会感到意外。

“我们将取消15个月等待期视为审慎的政策再校准，在给予私人业主更大适居规模调整弹性的同时，保留对补贴公共住房的保障措施，”ERA的林尤金说。

他补充说，让私人业主更容易购买转售五房式组屋，也可能促进住房阶梯上的更顺畅流动，在受影响业主处置现有物业时，潜在释放更多私人转售住宅。但他也提醒，这些交易需要仔细协调HFE申请、融资、售房所得与交割时间表。

与此同时，孙韵提醒，随着更多私人住宅买家如今能够购买较大的转售组屋，对略小单位（如四房式转售组屋）的需求可能下降。“因此，双速市场可能持续：较小、地段较差的组屋，需求与价格增长或继续缓慢；而较新、较大的转售组屋可能继续表现良好，”她说。

归根结底，今日的公告表明，政府对组屋转售市场的整体稳定有信心。虽然总会有独特组屋能卖出高价（例如DBSS组屋、如达士岭等地标组屋等），但转售市场整体已明显走出疫情后那一段狂热时期。