Lifting of wait-out period a relief for private home owners eyeing a flat
The 15-month wait-out period was lifted on July 28, after being in place for nearly four years.
On July 28, the 15-month wait-out period for private property owners seeking to purchase a resale flat was lifted, bringing relief to those looking to transition from private to public housing. Tony Ang, a 67-year-old financial services worker, was among those interviewed by The Straits Times who expressed relief at the change. Ang, who volunteers and engages in community service, wanted to sell his condominium unit to move into a larger HDB flat to accommodate his family and volunteer commitments.
The wait-out period was introduced in September 2022 as part of property cooling measures, aimed at curbing demand from cash-rich private homeowners. However, Ang and others like him were relieved to learn that the wait-out period would no longer apply. Former landed property owner Low Lee Lin, 68, also noted the convenience of not having to move twice if their property was sold during the wait-out period.
Analysts expect demand for five-room and larger flats to rise now that the wait-out period has been lifted, though the immediate impact on transactions is expected to be gradual.
Written by urgent.news from Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
