HDB to tighten rules on public housing

Frustrated homebuyers blame permanent residents and private property speculators for driving the prices of HDB resale flats to higher levels.

They claim that speculators purchase resale flats and lease them out illegally or sell them quickly after one year from the purchase period.

Last week, National Development Minister Mah Bow Tan said that the Singapore government is looking into “something” with regards to measures for the HDB market.

Many property experts reckon that the government could extend the minimum occupancy period of those who purchase flats with bank loans, and evaluate homeowners to ensure that they are not disregarding the rules.

Under the HDB rules, those who purchase resale flats without housing grants can sell their units after one year if they avail for a bank loan, or 2 ½ years if they take a HDB loan. They can also rent the flat out, but only if they have lived in it for at least three years.