Aspiring HDB resale flat buyers scramble to adjust to changes

Some are giving up buying, while others are renting to tide over 15-month wait-out period

- Michelle Ng and Isabelle Liew

First it was shock, then a mad scramble to make new plans.

Some aspiring Housing Board resale flat buyers downgrading from private properties are abandoning their plans altogether, after a slew of new property curbs aimed at cooling the public housing market kicked in on Friday.

Others, especially those who have already sold their private properties but have yet to purchase an HDB resale flat, are biting the bullet to rent an interim home to serve out the 15-month wait-out period, which was one of the measures introduced.

Since Friday, private homeowners must wait 15 months after the sale of their current home before they can buy a non-subsidised HDB resale flat. The authorities said it is a temporary measure that will be reviewed depending on overall demand and market changes.

A potential buyer who wanted to be known only as John lamented his bad timing for selling his three-bedroom condominium unit in Serangoon last week.

“It’s sold, I can’t take the condo back anymore. I wouldn’t have sold if I knew this was going to happen. The sudden cooling measures have ruined all my plans,” said John, who is in his 30s and works in the tech industry. He had bought the condo unit some years back when he was a bachelor but has since got into a relationship and had intended to get married and purchase an HDB resale flat.

With a budget of around $1 million, he was planning to look for a four- or five-room HDB resale flat at either The Pinnacle @ Duxton or around the Dawson area in Queenstown.

“The 15-month period is targeted at buyers like myself so I don’t really have a choice except to look for a rental unit for the time being,” he said, adding that he will likely postpone his wedding for a year or two until he can secure an HDB resale flat.