by OrangeTee & Tie Pte Ltd.

New cooling measures scupper some private owners' plans to sell homes, downgrade to HDB flats

Government Policies

Singapore, 05 Oct 2022

Hoping to sell her 1,004-sqf three-room executive condominium apartment in Canberra at the end of the year, Ms Lee, a real estate agent, was shocked when she found out that she would have to wait 15 months before she can buy a Housing and Development Board (HDB) resale flat.

There is also no public information on the buyer profile of HDB resale flats, which might explain why the cooling measures target private property owners. 

On this point, Ms Christine Sun, senior vice-president of research and analytics at property firm OrangeTee & Tie, said that "based on ground observation, agents did tell us that many of the million-dollar flats or large units were bought by private homeowners or former en-bloc apartment owners who are cash-rich".

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