Your question is very interesting. This properly only can happen during this covid situation.
Because it takes at least 3 months for a transaction to be complete. 1 buy and 1 sell already took 6 months.
And there is an SSD upon selling, which does not make sense to waste resources just for a mere 3 years.
In normal circumstances, BTO usually only took 3 years or more to get ready. So no one would even be considered to buy a private property while waiting for BTO to be ready.
It is really tricky to answer your question. There are 2 essential elements in your question, type of occupier & waiting period.
Type of occupier:
1) There are 2 types of occupiers under the HDB definition.
2) Essential occupier: This type of occupier forms an essential element in the application.
E.g. under the Public scheme, husband + wife form a family nucleus to be eligible for the public scheme. Husband is the owner, but wife listed as an occupier. In this case, the wife is an essential occupier. Thus has to follow HDB MOP policy.
3) Occupier: not necessary to be in the application to be eligible for the scheme.
E.g. husband + wife + child also forms a family nucleus. The husband is the owner, the wife is an essential occupier, the child is an occupier. The child does not need to comply with the HDB MOP policy. This is only if the child did not form an essential element to earn any privilege in the application process.
4) So to answer your question, you have to know whether you are an essential occupier under the HDB definition.
5) If you are an essential occupier, you have to comply with the HDB MOP policy.
6) If you are an occupier only, you may purchase private property during the MOP period.
The conclusion is most likely will get into trouble if you are an essential occupier to buy a private property during this waiting period.
1) Since you already booked a BTO HDB flat, meaning you are eligible as of application and signing of S&P.
2) There is only an eligible condition that might concern you, that is you have no interest in any private property for the last 30 months before and during the application, not after, and before key collection.
There are no specific rules saying that you are not allowed to buy or inherit a property during the waiting period. And the S&P signed also did not list a condition on this waiting period.
My suggestion is to write an email to HDB to receive an official black & white to prevent yourself from infringing their rules and regulation.
Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636 , or email: firstname.lastname@example.org if more information is needed.
I'll be glad to assist.
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You will not be eligible to purchase a private property unless you give up your BTO application. Should you wish to hold onto the BTO flat, the earliest you could purchase a private residential would be Q4 of 2030. This is assuming that you get the keys to your BTO in Q4 2025.
Essential occupiers of BTO flats will also need to serve the 5-year MOP, before being able to purchase another residential property.
I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.
Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305 . I will be happy to assess and share with you the possibilities for you in the current market.
PropNex Realty Read More
This would depends if you are an essential occupier or not. Essential occupier is a party that forms a nucleus the owner in meeting various HDB eligibility schemes to be eligible to purchase a HDB. A spouse or fiance of owner is most likely an essential occupier while a child might not be one. If you are an essential occupier, you are not allowed to purchase a private property unless you give up on your BTO. If you are just a normal occupier, you may purchase one. Do contact me at 93375051 for a free and non obligatory discussions on this.
ERA Realty Network Pte Ltd Read More