Singapore’s property landscape might be in for a pivotal change. Minister for National Development Chee Hong Tat has hinted that the 15-month wait-out period—a rule preventing private property owners from immediately buying HDB resale flats—may be reviewed or even lifted, if resale flat prices continue to moderate.
Introduced in 2022, this policy aimed to cool a red-hot resale market. But with resale price growth slowing to its lowest pace since early 2024—just 1.6% in the last quarter, compared to 2.6% previously—there may finally be room to recalibrate.
📊 Infographic: Key Highlights on the Resale Market Shift
📉 Cooling Resale Price Growth
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Q1 2025: HDB resale prices grew by just 1.6%
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Q4 2024: Price growth stood at 2.6%
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2024 average quarterly increase: 2.3%
🏘️ Policy Impact
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Before wait-out period (Jan–Sept 2022):
🔹 34% of million-dollar flats bought by downgraders -
After policy implementation (Jan–Nov 2024):
🔹 12% of million-dollar flats bought by downgraders
🏗️ Supply Rebound Timeline
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2026: Over 13,480 MOP flats to enter resale market
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2025: Only 6,974 MOP flats expected, lowest in 11 years
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HDB BTO completions (2021–2025): Over 100,000 flats launched
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2025 key collections: 19,000 households expected to receive keys
🏙️ Commentary: A Softer Market, But With Eyes on Supply
Minister Chee's remarks come at a time of recalibration in the housing sector. The once-searing HDB resale market is cooling—not because of falling demand, but because supply is finally catching up.
The successful delivery of 75,800 delayed BTO flats post-pandemic, and plans to build 50,000 more units in the next three years, signal a return to stability.
However, analysts warn that the real easing in resale prices might only gain traction after 2026, when MOP supply surges. Until then, tight resale inventory may still support elevated prices.
If the 15-month wait-out rule is eventually scrapped, we could see a resurgence in interest from private downgraders, especially retirees looking to right-size without waiting more than a year.
✅ Summary: Key Takeaways
✅ 15-month wait-out period under review as HDB resale prices begin to moderate
✅ Resale price growth slows to 1.6%, the lowest since early 2024
✅ Downgraders' share of million-dollar flat purchases dropped from 34% to 12% post-policy
✅ BTO supply rebound continues, with 19,000 keys to be issued in 2025
✅ MOP flats supply to double in 2026, potentially easing pressure on resale prices
🏠 Whether you're planning to downsize, upgrade, or make your first move in the market, now is the time to reassess your strategy. Reach out to discuss the right options tailored to your stage in life — especially with policy changes potentially on the horizon.
📞 Let’s chat about your next step in this evolving market.