Your search results

The 15-Month Wait-Out Period: An Unnecessary Burden in a Challenging Economy

Posted by Jayson Ang on February 6, 2026

| All, Buying Tips, Opinion, Selling Tips

| 0

TLDR

The 15-month wait-out period introduced in September 2022 requires private property owners to wait before buying a resale or BTO HDB flat, aiming to curb million-dollar HDB transactions by limiting demand from private owners. However, despite reducing private owner purchases of million-dollar flats from 34% to 12%, the total number of such transactions rose significantly from 370 in 2022 to over 1,000 in 2024. The policy has limited impact on overall price growth and poses financial strain during economic downturns, especially for those facing job insecurity. It forces sellers into costly rental periods during the wait, worsening their situation. Given its limited success and unintended burdens, the policy needs urgent review or removal to offer flexibility and support to homeowners amid economic uncertainty.

The 15-month wait-out period, introduced in September 2022, requires private property owners (unless aged 55 or older and rightsizing to a 4-room or smaller flat) to wait 15 months after selling their private property before purchasing a resale HDB flat. For those aiming for a BTO flat, the wait extends to 30 months. This policy was ostensibly designed to moderate the number of million-dollar HDB flat transactions by curbing demand from private property owners benefiting from significant gains. However, its effectiveness and continued relevance in the current economic climate are increasingly being questioned.

Limited Impact on Million-Dollar Flats:

While the policy has reportedly reduced the proportion of private property owners among million-dollar HDB flat buyers (from 34% in Jan-Sept 2022 to 12% in Jan-Nov 2024), it hasn’t significantly stemmed the overall rise in million-dollar flat transactions. In 2022, 370 HDB flats sold for $1 million or more. This number increased to 470 in 2023 and further escalated to 1,035 by 2024. This suggests that the wait-out period has had a limited impact on the broader trend of rising HDB prices, particularly at the top end of the market. If the policy isn’t achieving its primary objective, its continued imposition warrants scrutiny.

Economic Headwinds and Undue Burden:

The current economic climate further underscores the need to re-evaluate this policy. Singapore’s growth outlook is cautious, with challenges in manufacturing and financial services. Reports of layoffs in the tech sector and difficulties in securing new employment paint a concerning picture for many individuals.

In such an environment, the 15-month wait-out period can impose an undue burden on homeowners. Many who upgraded to private condos after the pandemic, leveraging property gains, may now find themselves financially squeezed by mortgage payments amidst job insecurity or reduced income. While measures like the Total Debt Servicing Ratio (TDSR) aim to prevent over-leveraging, these safeguards offer little comfort when facing unemployment.

For those in distress, selling their private property and transitioning to a more affordable HDB flat becomes a critical step. However, the 15-month waiting period forces them into a prolonged period of uncertainty and potentially expensive rental accommodation. This additional hurdle can exacerbate financial strain during an already challenging time.

Conclusion:

The 15-month wait-out period appears to be a policy with limited effectiveness in achieving its stated goal of curbing million-dollar HDB flat transactions. More importantly, in a weakening economy, it creates an unnecessary and potentially cruel burden on homeowners facing financial difficulties. The policy’s continued existence warrants immediate review and consideration for removal to provide much-needed flexibility and support to Singaporean homeowners navigating uncertain economic times.

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.

You May Also Like …

Mandarin Top 5

Top 5 Art Galleries in Singapore for Contemporary Art

Jayson Ang – May 24, 2024 –

Singapore, known for its modern architecture and vibrant culture, has a thriving art scene that showcases the best of contemporary...

Mandarin Top 5

5 Reasons : Why Investing In Singapore’s Property Market Can Be A Good Retirement Plan

Jayson Ang – June 22, 2024 –

Investing in Singapore's property market can be a good retirement plan for several reasons. Here are five key factors that...

Mandarin Top 5

Top 5 Reasons : Why Do Singaporeans Still Flood The Property Market?

Jayson Ang – November 17, 2024 –

Singapore's property market has been a hot topic of discussion for many years, with its resilience and growth attracting both...

All Blog Posts Buying Tips

A Step-by-Step Guide To Upgrading From an HDB Flat To Your a Private Property

Jayson Ang – January 3, 2023 –

TLDR Understanding the complexities of upgrading from an HDB flat to a private property in Singapore involves selling your HDB...

All Buying Tips Opinion

Pasir Ris: A Quiet Transformation into a Family Hotspot

Jayson Ang – May 6, 2026 –

TLDR Pasir Ris has transformed over the past decade from a quiet beach town into a family-friendly hotspot, driven by...

Buying Tips Mandarin Top 5

Investment 101: The Top 5 Best Long-Term Values In Singapore’s Property Market

Jayson Ang – July 10, 2023 –

Investment 101: The Top 5 Best Long-Term Values In Singapore's Property Market When it comes to purchasing property in Singapore,...

All Blog Posts Opinion

Should You Be Upgrading To A Condo In 2023?

Jayson Ang – April 24, 2023 –

TLDR The 2022/23 property market is experiencing high prices, making it challenging for individuals to decide whether to upgrade their...

All Buying Tips

3 Exciting Residential Sites Coming Soon!

Jayson Ang – June 20, 2024 –

TLDR The Lion City is undergoing rejuvenation with upcoming developments in coveted areas like Clementi and sites near MRT stations....

All Reports

Finding Your Dream Home In The Near Future. Exciting Upcoming Property Launches In The First Half Of 2024

Jayson Ang – December 25, 2023 –

TLDR The real estate sector in 2023 saw significant policy shifts affecting both private and public housing, with various changes...

All Buying Tips Selling Tips

Unpacking Property Ownership: Joint Tenancy vs. Tenancy-in-Common

Jayson Ang – September 10, 2024 –

TLDR When a property has multiple owners, the choice of ownership type is crucial to determine how shares are distributed...

All Buying Tips Opinion Selling Tips

Why Older Freehold Condominiums Are Losing Their Edge in En‑Bloc Deals (2025)

Jayson Ang – April 14, 2026 –

TLDR Older freehold condominiums in Singapore are losing their edge in en‑bloc deals due to several structural shifts. Developers increasingly...

All Blog Posts Buying Tips

Subscribe to Jayson Ang’s Singapore Property Newsletter

Jayson Ang – December 27, 2022 –

TLDR Jayson Ang's Singapore Property Newsletter offers valuable insights on real estate investments, market trends, and expert advice. The newsletters...

All Buying Tips Opinion

4 Key Factors to Consider When Purchasing a Private Property for the First Time

Jayson Ang – August 27, 2023 –

TLDR When considering buying or selling property in Singapore, it's crucial to understand factors like Additional Buyer’s Stamp Duty, Loan-To-Value...

All Buying Tips Opinion

Property Unpacked: Is GLS Impacting Property Values?

Jayson Ang – March 2, 2025 –

TLDR The Government Land Sales (GLS) program in Singapore is critical for developers to obtain development land, with sites released...

All Buying Tips

What’s Next for HDB Owners?

Jayson Ang – December 7, 2022 –

Buying a home always seems daunting especially such it is a big-ticket item and the prices for private homes can easily...

Mandarin Top 5

Top 5 Surprising Benefits of Investing in Singapore Real Estate for Foreigners

Jayson Ang – October 27, 2024 –

Singapore, a thriving city-state in Southeast Asia, has become an attractive destination for foreign investors looking to diversify their investment...