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Along with people who don’t like money, or a cai png stall with consistent pricing, this is right up there with things that never happen. So it befuddles me that a property agency needs to do a to find out that “unaffordable private home prices” are an obstacle to upgrading. Or that “HDB flats remain the preferred housing option for respondents.” Not what I’d call a Sherlock Holmes moment.  But then I kept reading, and I realised it’s part of the routine. You see, every year, there will be a certain number of times the media puts out a story about real estate players trying to put pressure on relaxing certain policies. Here’s one from , here’s one from , here’s one from , and I guess I just read the one for 2024.  Anyway, this time it is about adjusting ABSD for upgraders. Right now, if you buy your new property first, you pay ABSD upfront – then you can apply for ABSD remittance if you sell your previous home within six months. This doesn’t apply to Executive Condominiums (ECs) though: for ECs, you can go ahead and buy first without paying ABSD (as it’s an HDB property, so you will by default have to sell your other HDB property within six months).  But do we really want ABSD tweaked, even if it’s just to help upgraders?   Even by using the ABSD as a speed bump, it can help to slow the voracious demand. Without it, show flats may be more packed, with more people putting down cheques before the early bird discounts end. ABSD remission also has an indirect impact on resale flat prices – if someone needs to sell their flat within six months or risk losing the ABSD, they’re more likely to set a realistic price. It’s vastly different from a situation where they can buy a new condo first, and take their time poking around for the highest possible Cash Over Valuation (COV) for their flat until the new place is completed. There is also the fact that, if buying first isn’t an option, fewer people might take the plunge. Renting temporary accommodation, finding temporary storage, etc. all tend to be necessary, if you sell your flat before buying a condo. It is, quite frankly, a pain in the neck. So sometimes, the ABSD requirement will cause some people to hold off on upgrading together.  And the reality is, the fewer homeowners rush to upgrade, the less pressure there is for prices to go up.  Probably someone whose flat is picked for SERS. To date one of the shrewdest homeowners we’ve met at Stacked benefitted from the . His replacement unit was completed in 2021 at Dawson, close to SkyOasis @ Dawson which saw the recent record-breaking sale of a $1.73 million flat (see the details ).  If that seller was an upgrader, I hope they’re enjoying their $3 million condo or whatever right now; I’m guessing they can afford the jump.  This does lead me to wonder: now that the government has (somewhat) balanced out the windfall effect of mature estate housing, thanks to the Prime model, will we see a counterpart to SERS? Only around four or five per cent of flats benefit from SERS right now – but the effects have been wildly disproportionate for some.  I’m not wired for fairness myself; to me, someone benefiting from SERS isn’t more inherently unfair than someone winning 4D. But in my experience, Singaporean homeowners are on what they perceive as being fair/unfair, and further stories of high-priced SERS replacement flats are bound to stoke complaints.  For more on the Singapore property market, follow us on Stacked.