Mar 29, 2010 - PropertyGuru.com.sg
Several property agents have said that moves to clamp down on illegal subletting of HDB flats should not penalize only the owner. Rogue property agents and tenants who close these deals must also be held liable.
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They were responding to a case that happened two weeks ago, in which the HDB repossessed three flats linked to Mr. Poh Boon Kay, who also owned five private properties.
It was the most serious case of illegal subletting over the past two years, when HDB compulsorily acquired only three other flats.
Such owners are not left with nothing, as HDB pays them the difference between the financial penalty and the value at which they purchased the flat.
In the case of Mr. Poh, which the HDB said had bought his flat in 2007 at $150,000, the HDB is considering a fine of $25,000 and returning him $125,000. According to property analysts, the flat would fetch around $320,000 in the current market.
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Reader Comments: (6 comments)
for Monuahara Begum's comment:::::maybe your buyer has sensed that you are a rogue agent that's way they went directly to the owner... wise!
hey Monuahara Begum! are u one of them?!? haha
so does it mean, we have to follow the "an eye for an eye", "tooth for a tooth" policy? nahh,, a rotten act can't be resolved with another rotten act.
There is always rogue agents, but cant blame the agents also.. nowadays there are rogue buyers also... in my case i was undercut by a buyer after showing them the house, imagine that... they went direct to the owner...and close the deal... haha.
Agree.Do not understand why HDB still got to pay the law-breaker money. That takes away the pain factor and some may deem worth taking the risk
i couldn't agree more! the number of rogue agents have grown this time that buyers can no longer distinguish who is real and who is not. have these agents underwent special training as well? i wonder...