Yes, you must dispose of all private properties before or within 6 months of the resale flat purchase.
You may refer to HDB's eligibility conditions here: https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/resale/eligibility
Hope this answers your question.
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1) You may proceed with your plan as a norm even you own an overseas property.
2) When you registered under "Intent to buy", HDB request you to declare whether you own any local/overseas property. You should accordingly.
3) Note that this is mainly refers to "Residential" property, and not inclusive of commercial or industrial property.
4) You will have to sign an undertaking letter on your completion to promise to dispose of this overseas RESIDENTIAL property within 6 months once you declare your ownership on this overseas residential property.
You will also have to follow up by producing evidence of the transaction.
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.
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When purchasing a HDB, you will need to do a statutory declaration to state that you will dispose off your overseas property within a 6 months period. I have assisted clients who are in the same situation before and will be able to advise you accordingly.
Please feel free to contact me so that I can understand your situation and assist you further.
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Testimonial from Satisfied Clients
“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)
I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)
“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)
“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)
“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitation Read More
If your overseas property is a residential property, then you will need to sell it off latest within 6 months upon your HDB flat purchase. If it is a non-residential property, you need not sell it off.
Alternatively, should you sell off your HDB and purchase a private residential property, you need not sell off your overseas properties too.
I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans.
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.
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