HDB extends grace period on rule restricting rental transfers

[princess_morbucks]

http://www.businesstimes.com.sg/breaking-news/singapore/hdb-extends-grace-period-rule-restricting-rental-transfers-20140502




HDB is extending the grace period for long-time tenants affected by a rule that restricts the transfer of its business space.

The three-year grace window will be extended to six years, Minister for National Development Khaw Boon Wan said on Friday in on his blog.

The concession will apply to existing HDB commercial and industrial tenants who are already HDB tenants for at least 15 years.

Mr Khaw explained that many long-time tenants asked the HDB for a longer grace period when the HDB met up with various groups of tenants in the past few months.

[august]

Hah, bailing out the landlords. More "easing" to come?

[princess_morbucks]

6 years is a long long time!

[august]

6 years is a long long time!

electoral votes from landlords secured, lol.

[princess_morbucks]

A new HDB rule to curb speculation in its commercial and industrial properties has been effective, said National Development Minister Khaw Boon Wan on Friday.

The average transfer fees for HDB commercial and industrial properties have fallen by about 33 per cent and 42 per cent respectively since the rule was introduced last October, he wrote.

Back then, the board had moved to ban new tenants from transferring their HDB rental premises to others for a cash premium, known as an assignment fee. Business owners "assign" their properties to others because they are either not doing well or to profit from a transfer.

While HDB has banned tenants who started renting HDB commercial or industrial properties after Oct 16 from transferring their properties, long-time tenants who qualify can do so until October 2016.
- See more at: http://www.straitstimes.com/news/singapore/housing/story/hdb-rule-curb-speculation-business-properties-effective-grace-period-ex#sthash.SriVBfO1.dpuf