SINGAPORE: The 15-month wait-out period for people who sell private homes to buy Housing and Development Board (HDB) flats will be removed with immediate effect, said National Development Minister Chee Hong Tat on Tuesday (Jul 28).

Speaking at the 11th Singapore Economic Review Conference, he said HDB resale prices have moderated significantly since the COVID-19 pandemic, when delays in the construction of Build-to-Order (BTO) flats caused an imbalance in supply and demand.

The 15-month wait-out period for private property owners was among a slew of property cooling measures introduced in September 2022.

The move was to moderate the demand for Housing and Development Board (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 previously that it was a temporary measure.

Since its introduction, HDB has processed about 1,800 appeals annually from private property owners to waive the 15-month wait-out period, the Ministry of National Development said in a written parliamentary response last year.

This number has been “stable” 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.

This is a developing story. Refresh for updates.