SINGAPORE — The wait-out period for private property downgraders looking to buy a resale flat may be relaxed before 2027, with an expected rise in supply of new and resale flats.
Speaking at a community event in Toa Payoh on June 21, National Development Minister Chee Hong Tat said the supply of resale flats is expected to rise from 2026, as batches of Build-To-Order (BTO) flats affected by the Covid-19 pandemic hit their five-year minimum occupation period (MOP).
The Housing Board will also be launching more than 50,000 units from 2025 to 2027.
Chee said he expects that the effect of a strong continued supply of new BTO flats and resale units would moderate resale prices, making it timely for the authorities to consider if the 15-month cooling measure should be partially or entirely removed.
He added that private property owners may not need to wait till 2027 or 2028 for a review of the wait-out requirement, which was introduced in September 2022.
“So, that is why I said [this would be considered] at the right time, when the resale market has stabilised, and when the supply of resale flats increase, which we think will happen in the next few years, because this year is actually the year where the turn will happen,” he said.
The HDB resale price index grew by 1.6 per cent in the first quarter of 2025, down from 2.6 per cent in the fourth quarter of 2024. This marks the lowest growth in the past five quarters.
Asked if the Government is looking at a specific threshold, Chee said: “I don’t think we have a threshold in mind, because this is really a judgment call.”
Speaking to reporters on the sidelines of the PA Family PLAYGround event held at Toa Payoh West Community Club, the minister said there are already early signs of price stabilisation in the HDB resale market.
“We will continue to monitor. I think if the situation continues to improve, then it will allow us to then make that judgment call of when we can remove, whether partially or entirely, the 15-month requirement,” he added.
Between shortening the requirement and removing it, Chee said he leans towards scrapping it entirely.
“We haven’t come to any decision yet, but my own view is that if the situation allows us to remove it entirely, I think we should consider that,” he said.
Chee acknowledged that the 15-month requirement posed some inconvenience for private property owners looking to right-size and buy an HDB resale flat, but he said the cooling measure’s objective remains valid.
“We want to make sure that resale flat prices do not rise too quickly and become unaffordable for buyers, especially first-time buyers who want to go into the resale market,” he said.
“I think that is an important objective that we must safeguard.”
At the community event, Chee also announced to Bishan-Toa Payoh GRC residents that Bishan will be getting its own hawker centre.
The hawker centre is among several plans he had pledged to carry out for the constituency during the general election.
The anchor minister for the GRC said then that many residents had pointed out that Bishan lacked a hawker centre.
Chee said more details will be shared after the Urban Redevelopment Authority unveils its Draft Master Plan 2025 on June 25.
He said the hawker centre may be integrated with Bishan Bus Interchange, which is set to become an air-conditioned facility.
Chee said the refreshed bus interchange may not be built on its existing site next to Junction 8, but it will be near its current spot where the town centre and Bishan MRT station are located.
“We want it (hawker centre) to be near the key transport nodes to make it more convenient for residents,” he said.
The approach is in line with integrated facilities in Pasir Ris and Bidadari, where new hawker centres are built on top of or next to MRT stations or bus interchanges.
Chee said it is one of the ways the authorities make full use of Singapore’s scarce land resources.
“When we combine these different facilities serving different needs, I think we are able to, on one hand, optimise the use of land, and on the other hand, also bring about greater convenience for residents.
“So, it is win-win,” he said.
ALSO READ: Resale flat prices may begin moderating from 2026 as new units reach MOP: Chee Hong Tat
This article was first published in The Straits Times. Permission required for reproduction.
