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CondoInterested
08-06-14, 20:56
2 HDB Homes Compulsorily Acquired After Owners Rented Space Out To Tourists (http://www.tnp.sg/news/2-hdb-homes-compulsorily-acquired-after-owners-rented-space-out-tourists)

By: Benita Aw Yeong

Authorities here are taking action against homeowners who use their flats or houses as hotels for tourists.

Two HDB flats have been compulsorily acquired after the Housing Board discovered the minimum six-month leasing period had been flouted.

Despite the strict rules, listings on home-rental sites like Roomorama have gone up.
princess_morbucks
08-06-14, 21:08
When HDB acquire a unit compulsorily, are the owners paid the market rate, or are they just given the amount they paid when they bought the flat?
xebay11
08-06-14, 22:06
When HDB acquire a unit compulsorily, are the owners paid the market rate, or are they just given the amount they paid when they bought the flat?

Original amount, if it is market rate, it is not a deterrent at all.
princess_morbucks
08-06-14, 22:45
Original amount, if it is market rate, it is not a deterrent at all.

I googled.
They will pay 90% of the market rate according to this 2011 report :

https://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=2365&category=Parliamentary%20Q%20&%20A&year=2011&RA1=&RA2=&RA3=


Mr Lim Biow Chuan asked the Minister for National Development why HDB pays compensation of only 90% of the market value for a flat which is under compulsory acquisition.
challenger
08-06-14, 23:18
Not bad, still can get back 90% of market rate.
玉格格
08-06-14, 23:30
Not bad, still can get back 90% of market rate.

better den if they sell it themselves in the curent mkt condition. mayb more desperate sellers will follow.
TravieJackie
09-06-14, 08:25
Then won't all airbnb ppl kena?
august
09-06-14, 09:54
Then won't all airbnb ppl kena?

enforcement is weak.
leesg123
09-06-14, 10:42
Save on the agent commission too.
Beebot
09-06-14, 19:08
I am surprise to read that owners of private apartments are also not allowed to rent out their rooms for short term stay. I thought this rule applies only to HDB flats as they are subsidized.

So that rules out everyone except landed property owners?
babyt
09-06-14, 19:21
applies to private condo??
august
09-06-14, 20:04
No short term stay for condos too. I wonder what happened to the URA investigation into such activities over at The Sail.
johnlee
11-06-14, 14:06
Yeah, the Sail has so many for rent. Just google for it. Surprise there hasnt been more of a clamp down on this. My colleague from Hong Kong just stayed there with his family on holiday ...