PropAce
The removal took effect immediately on 28 July 2026 (PropAce Institutional AdvisoryResearch Desk, 2026). The relief carries one major condition: it applies only to flats bought without an HDB housing loan (PropAce Institutional AdvisoryResearch Desk, 2026).
Key takeaways
- The 15-month wait-out is scrapped with immediate effect for private property owners (PPOs) and ex-PPOs buying non-subsidised HDB resale flats without an HDB housing loan; the removal covers owners of all ages and flats of all sizes (PropAce Institutional AdvisoryResearch Desk, 2026).
- Buyers must still dispose of their private residential property — in Singapore or overseas — within six months of completing the resale flat purchase (PropAce Institutional AdvisoryResearch Desk, 2026).
- Property analysts expect demand for five-room and larger flats to rise, but see gradual growth rather than a spike (The Straits Times, 2026).
A September 2022 measure, reversed in July 2026
The 15-month wait-out was introduced on 30 September 2022 as part of a package of property cooling measures (PropAce Institutional AdvisoryResearch Desk, 2026).
The rule obliged PPOs and ex-PPOs to wait 15 months after disposing of their private property before buying a non-subsidised resale flat (PropAce Institutional AdvisoryResearch Desk, 2026). Singapore citizens aged 55 and above were exempt if they moved into a four-room or smaller unit (PropAce Institutional AdvisoryResearch Desk, 2026). That carve-out is now moot; seniors who hold an HFE letter under it may cancel and re-apply if they prefer a five-room or larger flat instead (PropAce Institutional AdvisoryResearch Desk, 2026) (Ministry of National Development, 2026).
Why the Government pulled the trigger
Five consecutive quarters of slower or no price growth from 4Q2024 to 4Q2025 had been recorded, and a larger number of new flats were completing their Minimum Occupation Period and entering the resale market (Ministry of National Development, 2026).
The fine print matters. A PPO must dispose of their private residential property, in Singapore or overseas, within six months of completing the resale purchase (PropAce Institutional AdvisoryResearch Desk, 2026). PPOs and ex-PPOs still need an HDB Flat Eligibility (HFE) letter to buy a resale flat (Ministry of National Development, 2026). Those with valid HFE letters and unchanged plans are unaffected; pending applications are being auto-updated; and those with pending waiver appeals may proceed directly (PropAce Institutional AdvisoryResearch Desk, 2026) (Ministry of National Development, 2026).
The numbers: a market that had visibly cooled
PropAce Institutional Advisorydata (HDB resale data via data.gov.sg) puts islandwide HDB prices at S$647 psf in 2026-Q3, 0.8% below their S$652 psf peak but still 56.3% above the S$414 psf trough (PropAce Institutional Advisoryverified, 2026). On the private side, PropAce Institutional Advisorydata (URA caveat data) shows islandwide prices at S$2,037 psf in 2026-Q2, 6.8% below the S$2,186 psf peak yet 33.2% above the S$1,529 psf trough (PropAce Institutional Advisoryverified, 2026). Within the private market, new launches averaged S$2,304 psf against S$1,596 psf for resale — a roughly 44% new-sale premium (PropAce Institutional Advisoryverified, 2026).
What market watchers expect
PropNex chief executive Kelvin Fong said sales of five-room and executive flats had not recovered to pre-wait-out levels, while four-room sales had (The Straits Times, 2026). Analysts now expect demand for five-room and larger flats to rise (The Straits Times, 2026). But Fong cautioned that the change may not translate immediately into transactions or a sharp influx of demand (The Straits Times, 2026). ERA Singapore's key executive officer Eugene Lim noted that private owners are entering in a strong financial position, yet the existing supply of new and resale homes should be enough, producing "stable and sustainable market growth, rather than a rapid spike" (The Straits Times, 2026).
Tony Ang, 67, who wanted to sell his condominium to cushion his retirement savings, and Low Lee Lin, 68, both said the lifting spared them the stress and inconvenience of moving twice (The Straits Times, 2026).
FAQ
Who no longer needs to serve the 15-month wait-out?
PPOs and ex-PPOs buying a non-subsidised HDB resale flat without an HDB housing loan, across all ages and flat sizes (PropAce Institutional AdvisoryResearch Desk, 2026).
Statutory Source: Housing & Development Board (HDB) — Resale Flat Eligibility & Wait-Out Requirements
What must private property owners still do?
They must obtain an HFE letter, and dispose of their private property in Singapore or overseas within six months of completing the resale purchase (PropAce Institutional AdvisoryResearch Desk, 2026) (Ministry of National Development, 2026).
Statutory Source: Housing & Development Board (HDB) — HDB Flat Eligibility (HFE) & Financing Options
Will HDB resale prices spike?
Analysts expect demand for five-room and larger flats to rise, but supply should match (The Straits Times, 2026).
Statutory Source: Housing & Development Board (HDB) — Resale Flat Eligibility & Wait-Out Requirements
By the numbers
``` HDB PSF momentum by town — QoQ %
Marine Parade +5.9% ██████████████████████ Bukit Timah +5.7% █████████████████████ Geylang +5.5% █████████████████████ Toa Payoh +3.7% ██████████████ Queenstown +1.9% ███████ Pasir Ris +1.5% ██████ Serangoon +1.5% ██████ Bukit Merah +1.1% ████ Bedok +0.9% ███ Bukit Panjang +0.5% ██ ```
| Town | Median PSF | QoQ | YoY | Txns (3mo) |
|---|---|---|---|---|
| Marine Parade | $715 | ▲ 5.9% | ▲ 3.3% | 30 |
| Bukit Timah | $851 | ▲ 5.7% | ▲ 9.9% | 8 |
| Geylang | $709 | ▲ 5.5% | ▲ 2.9% | 123 |
| Toa Payoh | $818 | ▲ 3.7% | ▲ 3.7% | 189 |
| Queenstown | $945 | ▲ 1.9% | ▲ 7.3% | 162 |
| Pasir Ris | $598 | ▲ 1.5% | ▲ 1.4% | 172 |
| Serangoon | $670 | ▲ 1.5% | ▼ 0.3% | 86 |
| Bukit Merah | $822 | ▲ 1.1% | ▲ 0.9% | 168 |
| Bedok | $641 | ▲ 0.9% | ▲ 2.1% | 302 |
| Bukit Panjang | $577 | ▲ 0.5% | ▼ 2.5% | 161 |
_Data: PropAce Institutional Advisory analysis of URA/HDB transaction data — rolling 3-month average PSF, HDB, 2026-07..2026-09. Directional; confirm before acting._
Sources
- URA caveat data, compiled by PropAce Institutional Advisory— 2026-Q2.
- HDB resale data (via data.gov.sg), compiled by PropAce Institutional Advisory— 2026-Q3.
- URA caveat data, compiled by PropAce Institutional Advisory.
References
- Housing & Development Board (2026) Conditions After Buying a New Flat. Available at: https://www.hdb.gov.sg/buying-a-flat/bto-sbf-and-open-booking-of-flats/conditions-after-buying-a-new-flat (Accessed: 2 September 2026).
- Ministry of National Development (2026) Removal of the 15-month Wait-out Period for Private Residential Property Owners Purchasing Non-Subsidised HDB Resale Flats. Available at: https://www.mnd.gov.sg/newsroom/press-releases/view/removal-of-the-15-month-wait-out-period-for-private-residential-property-owners-purchasing-non-subsidised-hdb-resale-flats (Accessed: 2 September 2026).
- The Business Times (2026) 'Mobility wins, more buzz in million-dollar HDB market with lifting of 15-month wait-out period'. Available at: https://www.businesstimes.com.sg/opinion-features/mobility-wins-more-buzz-million-dollar-hdb-market-lifting-15-month-wait-out-period (Accessed: 2 September 2026).
- The Straits Times (2026) 'Lifting of wait-out period has reduced the stress of moving, say private homeowners eyeing a flat'. Available at: https://www.straitstimes.com/singapore/housing/lifting-of-wait-out-period-will-reduce-stress-of-moving-say-private-home-owners-eyeing-a-flat (Accessed: 2 September 2026).
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Frequently Asked Questions
Who no longer needs to serve the 15-month wait-out?
PPOs and ex-PPOs buying a non-subsidised HDB resale flat without an HDB housing loan, across all ages and flat sizes (PropAce Institutional AdvisoryResearch Desk, 2026). Statutory Source:** Housing & Development Board (HDB) — Resale Flat Eligibility & Wait-Out Requirements
What must private property owners still do?
They must obtain an HFE letter, and dispose of their private property in Singapore or overseas within six months of completing the resale purchase (PropAce Institutional AdvisoryResearch Desk, 2026) (Ministry of National Development, 2026). Statutory Source:** Housing & Development Board (HDB) — HDB Flat Eligibility (HFE) & Financing Options
Will HDB resale prices spike?
Analysts expect demand for five-room and larger flats to rise, but supply should match (The Straits Times, 2026). Statutory Source:** Housing & Development Board (HDB) — Resale Flat Eligibility & Wait-Out Requirements
Statutory References & Citations
- Monetary Authority of Singapore (MAS) (2026). Notice 645: Computation of Total Debt Servicing Ratio (TDSR) for Property Loans. Singapore: MAS.
- Housing & Development Board (HDB) (2026). Housing and Development Act (Cap. 129). Singapore: Ministry of National Development.
Statutory Disclaimer: This guide is published for strategic, educational, and institutional planning purposes only and does not constitute formal legal, taxation, or financial advice. All property transactions, stamp duty remissions, and financing structures should be formally verified with qualified Singapore legal counsel and certified tax advisors.