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SINGAPORE: The 15-month wait-out period for people who sell private homes to buy Housing and Development Board (HDB) resale flats will be removed with immediate effect, said National Development Minister Chee Hong Tat on Tuesday (Jul 28).<\/p>\n
Private residential property owners and former owners who buy a non-subsidised HDB resale flat without an HDB housing loan will no longer be subject to this wait-out period.<\/p>\n
This follows several quarters of price moderation in the HDB resale market, which is showing signs of stabilisation, said the Ministry of National Development (MND).<\/p>\n
The 15-month wait-out period for private property owners was among a slew of property cooling measures introduced in September 2022.<\/p>\n
The move was to moderate the demand for HDB resale flats and help prioritise access to affordable public housing for Singaporeans with more urgent housing needs, such as first-time homebuyers. Authorities said then that it was a temporary measure.<\/p>\n
Since its introduction, HDB has processed about 1,800 appeals annually from private property owners to waive the 15-month wait-out period, MND said in a written parliamentary response last year.<\/p>\n
This number has been \u201cstable\u201d over the last few years, with HDB acceding to about one in four appeals, the ministry said. This is mainly for households in financial difficulties or extenuating circumstances, who have no alternative housing options.\u00a0<\/p>\n
MND said on Tuesday that for those with pending appeals, they no longer need to wait for HDB’s reply and can proceed to apply for an HDB Flat Eligibility (HFE) letter directly. HDB will also be contacting these appellants directly.<\/p>\n
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