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Hi! My husband & I are SPRs. For starters, we are eyeing to buy a 3 room resale HDB flat in Singapore. Based from the HDB website, an eligibility criterion states that a buyer can own a "private residential property" overseas but has to dispose of it 6 months from the completion of purchase of the resale flat. The problem lies here as I own 11-units of "rental" apartments back home. Do these properties fall under "private residential property" category as I figure out that it isn't since those are for business & not for our private use. Also, please clarify the meaning of "completion of purchase" in the statement. Does this mean once I've settled the 100% payment of the resale flat which would be around 30 years or just the paper works only??? Thank you so much!
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3 Answers

Ken Tan
Replied
Hi,

Kindly enlighten us regarding the term "rental" apartments.

Completion of purchase happens when the property is transferred to your name. It should be what you mean by "paper works".

Cheers,

Ken Tan
Huttons Asia Ltd

MORE enquiries?

Check me out at my website ==> www.96461490.com
give me a call at 96461490 
or drop me an email: ken_tankw@yahoo.com.sg Read More
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Mike Lim
Replied
Evening,

I would assume your rental apartment is similar to the condo hotel in Philippines. They are purchased for rental, to tourist or corporate tenants. Such properties are considered as your private properties.
Hence, under Singapore ruling, you are required to have both your names removed from those properties, under the key collection of the HDB unit that you will be purchasing. I believe this statement would help you clear your doubts for the last question.

Do feel free to contact me if you need further assistance.

Regards
Mike Lim
 96929209 
ERA Read More
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Florence Lim
Replied
Hi,
Your 11 rental apartment back home will consider as 'Pte property' base on the description, therefore will not qualify u to purchase any HDB flat here unless u prepare to dispose them within 6mths fm date of completion.
"Completion of Puchase" usually done at 2nd appt date with Hdb, u will get keys to yr purchase flat, thats when the mortgage loans payment kick in.

Do call me 9817 0228  or email limhoonhian@yahoo.com.sg
for any further enquiries.Cheers! Read More
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