HDB rules change

Joyce Yeo The Straits Times 03/08/2010 13:41

BUYERS of non-subsidised HDB resale flats must now occupy their flats for at least three years before they can sell, under new rules unveiled yesterday.

This is up from 2-1/2 years for buyers with HDB loans and one year for buyers with bank loans or no loan.

The move, effective yesterday, is seen as a government effort to curb speculative buying and selling of public housing.

Home hunters have expressed dismay in recent months that speculators may be pushing up HDB resale flat prices.

Property consultants said the move is set to nip speculation in the bud but is not likely to result in lower flat prices.

The move comes after an HDB study found that a growing number of flat owners were selling flats within three years.

In late January, National Development Minister Mah Bow Tan flagged a review by HDB of its rules, with a view to stamping out possible speculation.

Source

Add your comment Send Print Report

Home Page | Real Estate

More From Real Estate

$90M midtown penthouse tops mark for priciest New York City apartment REVEALED: A look inside Britain's most exclusive apartment block as £65m flat at One Hyde Park goes up for sale Alicia Keys lists penthouse she bought from Lenny Kravitz New York Attorney General Increases Homeowner Assistance Funding In yearly address, Mayor Bloomberg makes push to develop Kingsbridge Armory Trump proposal for New York City golf course faces critics New York Public Library Is in Talks to Sell Space Russian billionaire buys most expensive apartment in NYC Realtors: We Overcounted Home Sales for Five Years Bonnie and Clyde star Faye has finally Dunaway with rent controlled NYC apartment after agreeing to vacate property Census: US housing bust worst since Great Depression New York pips London in property investment Land Deal Is Announced to Allow New U.N. Tower and Esplanade NYC’s Rat Island, 2 acres of rock that once housed typhoid patients, sells for $160,000 New York's Rat Island going on auction block The last resort: More and more Americans are calling long-stay motels home New York court stalls second phase of Brooklyn arena project US unemployed get 12 months rent-free under policy changes NY property-tax cap may hit cash-poor cities: report Big banks still drive Manhattan rents