Warrior88 0 Report post Posted August 30, 2010 SINGAPORE: The Housing and Development Board (HDB) will increase the Minimum Occupation Period (MOP) of non-subsidised flats from three to five years. It said this will reinforce the message that flats are meant for long-term occupation and dampen demand from those who are not in urgent need of housing. Buyers of these flats will also be banned from concurrently owning both an HDB flat and a private residential property within the MOP. Private property owners who buy a resale HDB flat must now dispose of their private residential property within six months from the date of flat purchase. HDB said this will help ensure buyers purchase flats only when they have the intent of staying in it for long term and ensure equitable treatment for all flat lessees during their MOP. Ownership of private properties by HDB lessees will be allowed after the MOP. The changes will apply to resale applications received by HDB from Monday. The Prime Minister in his National Day Rally speech on Sunday said more will be done to ensure that HDB flats will remain within reach of first-time buyers. HDB will ramp up the supply of new flats, Design, Build and Sell Scheme (DBSS) flats and Executive Condominiums (ECs) substantially to meet the housing needs of first-time property buyers. It will be offering more than 16,000 new flats this year. If demand remains strong, HDB said it's prepared to launch up to 22,000 new flats next year. Over two years, it will offer more new flats than the total flats of 35,400 in Toa Payoh town today. In addition, it will release more land for tender in 2010 to yield an estimated supply of 3,000 DBSS flats and 4,000 ECs. In 2011, HDB will release land sites for another 4,000 DBSS flats and 4,000 ECs, if demand is sustained. To widen their housing options, HDB will allow first-timer households with monthly income of between S$8,000 and S$10,000 to buy new DBSS flats with a CPF Housing Grant of S$30,000. Similar to the purchase of ECs, the HDB concessionary loan will not be available for these buyers. This revision will be applicable to DBSS projects launched for public sale after Monday. To help households get their new flats faster, HDB has also streamlined the Build-to-Order (BTO) processes to allow flat buyers collect keys to their new homes six months earlier. Buyers of projects launched in mid-2011 onwards will generally need to wait for two and a half years to collect the keys instead of the current three years. -CNA/wk Share this post Link to post Share on other sites
blue_skies 3 Report post Posted August 30, 2010 Looks like the above implies (with effect from 30 Aug): - If your first property is a resale flat, you won't be allowed to buy a private property within 5 yrs. - If my first property is a private ppty and I want to move to HDB, I must sell my private ppty within 6 mths. Plus I cannot buy another private ppty until 5 yrs later. Share this post Link to post Share on other sites
therat 18 Report post Posted August 30, 2010 what abt existing owner that own HDB and private property? Share this post Link to post Share on other sites
Warrior88 0 Report post Posted August 30, 2010 Looks like the above implies (with effect from 30 Aug): - If your first property is a resale flat, you won't be allowed to buy a private property within 5 yrs. - If my first property is a private ppty and I want to move to HDB, I must sell my private ppty within 6 mths. Plus I cannot buy another private ppty until 5 yrs later. Looks like this rule will cool both resale & private. The changes will apply to resale applications received by HDB from 30 Aug 2010 Those who just sign the OTP, bye bye liao. Share this post Link to post Share on other sites
therat 18 Report post Posted August 30, 2010 Private property owners who buy a resale HDB flat must now dispose of their private residential property within six months from the date of flat purchase. They just basically revoke back to the old rule Share this post Link to post Share on other sites
Warrior88 0 Report post Posted August 30, 2010 They just basically revoke back to the old rule No... old rule. resale owner can buy pte and own both. But resale can only sell/rent them after MOP 3 years. Share this post Link to post Share on other sites
blue_skies 3 Report post Posted August 30, 2010 No... old rule. resale owner can buy pte and own both. But resale can only sell/rent them after MOP 3 years. I thought it's 5 years for applications received from 30 Aug onwards. http://www.hdb.gov.sg/fi10/fi10296p.nsf/Pr...19?OpenDocument (scroll down to bottom of webpage to see Table 1) Share this post Link to post Share on other sites
Warrior88 0 Report post Posted August 30, 2010 I thought it's 5 years for applications received from 30 Aug onwards. http://www.hdb.gov.sg/fi10/fi10296p.nsf/Pr...19?OpenDocument (scroll down to bottom of webpage to see Table 1) Ya, effective from 30 Aug 2010. But therat also mention there might be some along the pipeline. Those in the OTP stage, what happen to their deposit ? Sign the OTP but yet to do the submission. Share this post Link to post Share on other sites
therat 18 Report post Posted August 30, 2010 No... old rule. resale owner can buy pte and own both. But resale can only sell/rent them after MOP 3 years. no no.. old old rule before this Share this post Link to post Share on other sites
Warrior88 0 Report post Posted August 30, 2010 no no.. old old rule before this HDB mad abt Punggol ECO green project liao.... can recycle rules again Actually, I want to sell my resale after 3 years, when my child finish the PSLE, and move back to my pte. Now cannot liao, must keep another 2 more years. They force me to keep le. Share this post Link to post Share on other sites
neubie 2 Report post Posted August 30, 2010 rules change real fast..... previously non-subsidized HDB resale only need to satisfy MOP of 1 yr... and 3yrs for subsidized... Share this post Link to post Share on other sites
forgotten 1 Report post Posted August 30, 2010 (edited) Looks like this rule will cool both resale & private. The changes will apply to resale applications received by HDB from 30 Aug 2010 Those who just sign the OTP, bye bye liao. They will cool the markets but there's a limit to them, as long as govt is still continuing to import huge no of foreigners annually. These foreigners need shelters. The new MOP rule will mean that first-timers who have booked their BTO, is not allowed to buy resale flat to stay while waiting for their BTO flat completion? So people can buy resale before private property but NOT buy private property before resale unless they want to dispose their private property? This will 'kick' the private property owners out of the resale market? Yes, those private property owners who just signed OTP, bye bye to their 1K. Those who do not have existing flat and signed OTP, will probably still continue with their resale purchase transactions. Edited August 30, 2010 by forgotten Share this post Link to post Share on other sites
Always Happy 0 Report post Posted August 30, 2010 (edited) "The Housing and Development Board (HDB) will increase the Minimum Occupation Period (MOP) of non-subsidised flats from three to five years. Just to check, If one take HDB loan but no whatsoever grants, it is condsidered subsidised? Thanks Edited August 30, 2010 by Always Happy Share this post Link to post Share on other sites
therat 18 Report post Posted August 30, 2010 "The Housing and Development Board (HDB) will increase the Minimum Occupation Period (MOP) of non-subsidised flats from three to five years. Just to check, If one take HDB loan but no whatsoever grants, it is condsidered subsidised? Thanks no grant mean non-subsidised Share this post Link to post Share on other sites
Warrior88 0 Report post Posted August 30, 2010 "The Housing and Development Board (HDB) will increase the Minimum Occupation Period (MOP) of non-subsidised flats from three to five years. Just to check, If one take HDB loan but no whatsoever grants, it is condsidered subsidised? Thanks Subsidised means BTO, dbss with grant, ec with grant Non means resale, dbss, ec Share this post Link to post Share on other sites
