The HDB announced that those who bought HDB resale flat on or after 30-Aug-2010 must dispose of their private property – including any held overseas – within six months of the HDB purchase.
Responding to a question from Ms Lee Bee Wah (Ang Mo Kio GRC) on how HDB will trace whether an HDB owner has a foreign property.
Minister for National Development Mah Bow Tan said that the public housing authority will conduct spot checks both locally and overseas, to determine if HDB flat buyers are lying about their interests in other properties.
Mr Mah explained that at the point of purchase, HDB flat buyers are required to declare any interest or ownership in private property, local or overseas. Those guilty of false declarations can be liable, on conviction, to a fine of up to $5,000 or to imprisonment for a term up to six months, or both.
If it is discovered before the completion of the purchase, HDB can cancel the application. If the discovery is made after the sale, HDB can compulsorily acquire the flat.
As a private property owner, you cannot buy a flat direct from HDB. If you dispose your private property, you must wait 30 months before you are eligible to buy a flat direct from HDB.
Exemption to Exceptional Cases
HDB may consider granting exemption to exceptional cases based on the merits of each case. If you wish to seek exemption to buy a flat direct from HDB, please complete the property questionnaire and submit it to HDB
Buying Of Resale Flat by Private Property Owners
If you or any person listed in your resale flat application owns* private residential property (locally or overseas), you may still buy a resale flat without any CPF housing grant or HDB loan but you must dispose of the private property within six months of the purchase of the resale flat.
* Ownership/Interest in Property in Singapore or Overseas other than HDB flats
Conditions After Purchase
Minimum Occupation Period (MOP)
You have to occupy the flat for a minimum period before you are allowed to:
The start date used to calculate the occupation period is the date of completion of purchase of the flat.
Disposal of Existing HDB Flat
You have to dispose of your existing HDB flat (if any) within six months of buying a resale flat.
Disposal of Existing Ownership/Interest in Property in Singapore or Overseas other than HDB flats
You, your spouse, co-applicants and any occupiers listed in the resale application must dispose of any interest in any private residential property within six months from the completion of the purchase of the resale flat.