SINGAPORE: The 15-month wait-out period for people who sell private homes to buy public flats will be removed with immediate effect, said National Development Minister Chee Hong Tat on Tuesday (Jul 28).The COVID-19 pandemic led to delays in BTO construction, causing an imbalance of supply and demand, he said. This caused resale housing prices to rise, he said.With the government ramping up supply, prices have moderated significantly, said Mr Chee at the 11th Singapore Economic Review Conference.The 15-month wait-out period for private property owners was among a slew of property cooling measures introduced in September 2022.Show MoreShow LessThe 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 1 in 4 appeals, the ministry said. This is mainly for households in financial difficulties or extenuating circumstances, who have no alternative housing options.Mr Chee also announced an extension to the Additional Buyer's Stamp Duty (ABSD) remission timeline from six months to a year for developers that acquire large en bloc sites for redevelopment.Currently, most housing developers are required under the ABSD regime to commence construction within two years. They then need to sell all units within five years to avoid incurring ABSD."We recognise that developers seeking to undertake the redevelopment of large residential on-block sites will require more time. They may not be able to meet the regular ABSD remission timelines," he said.In March 2025, MND implemented a six-month extension to the ABSD remission timelines for en bloc developers, where the new development has at least 700 units, with at least 50 per cent more units than before.This will now be increased to a year.Developers of large en bloc sites that will have at least 1,400 units with at least 50 per cent more units that before will get a two-year extension to their ABSD remission timeline, Mr Chee announced.This means that developers of such mega on-block sites will get seven years to complete construction and sell all units. Developers will have to sell a minimum of 50 per cent of residential units at the end of six years to qualify.