1,284 non-public house homeowners appealed to waive 15-month wait-out interval to purchase HDB flat: Desmond Lee

SINGAPORE – A complete of 1,284 non-public property downgraders have appealed in opposition to the 15-month wait-out interval to purchase a Housing Board resale flat because the rule kicked in end-September 2022.

HDB has processed 902 appeals, and about 38 per cent of them had been profitable, stated Nationwide Improvement Minister Desmond Lee on Monday in a written parliamentary reply to questions filed by Mr Sitoh Yih Pin (Potong Pasir). Figures given are as much as Nov 30, 2022.

The vast majority of profitable appellants had already dedicated to purchasing the HDB resale flat and had obtained an choice to buy for the flat earlier than the cooling measure took impact on Sept 30, 2022, Mr Lee stated.

An choice to buy is a authorized settlement for the sale of a residential property.

As a part of a set of cooling measures introduced on Sept 30, 2022, non-public house homeowners should wait 15 months after the sale of their present house earlier than they will purchase an HDB resale flat with out housing grants.

Beforehand, they had been allowed to purchase a resale flat on the open market in the event that they bought their non-public property inside six months of buying the flat.

For the reason that announcement, some non-public house homeowners who not too long ago bought their properties have found it difficult to get alternative accommodation.

Mr Lee has stated that the 15-month wait-out interval is a temporary measure to help moderate demand for HDB resale flats, because the market confirmed rising indicators of overheating.

Of the 1,284 appeals, 144 had been from non-public house homeowners aged 55 and above who wished to purchase a five-room or bigger HDB resale flat throughout the 15-month wait-out interval.

Of those, 102 appeals have been processed and about 34 per cent of them had been profitable, stated Mr Lee, including that almost all of profitable appellants had obtained an choice to buy for his or her resale flat earlier than Sept 30.

These aged 55 and above are exempted from serving the 15-month wait-out interval in the event that they purchase a four-room or smaller HDB resale flat. That is to make sure seniors have the choice to organize for retirement by transferring to a smaller unit.

The remaining appeals are nonetheless below evaluation.

Mr Lee stated HDB will proceed to evaluate appeals for a waiver of the wait-out interval on a case-by-case foundation, taking into consideration any extenuating circumstances of flat patrons and their households.