The 60-second talking script
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There's a lot of noise about whether the 15-month policy was ever worth it. Let me settle it with one statistic.
Between January and September 2022 — right before the rule — private property owners made up about thirty-four percent of buyers of million-dollar HDB flats. One in three.
By the January to November 2024 window, that was down to about twelve percent.
That's the precise group the measure targeted, doing exactly what it was designed to stop doing. Not opinion. Measured.
The price data agrees. HDB resale grew ten-point-four percent in 2022. By 2025 it was two-point-nine percent. Then two negative quarters.
So it worked. It also had a genuine human cost — eighteen hundred appeals a year, three quarters rejected. And it was always described as temporary.
The lesson isn't whether it was good policy. It's that these measures get switched off once they've done their job.