Results 1 to 6 of 6

Thread: HDB spot checks on property ownership

  1. #1
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default HDB spot checks on property ownership

    http://www.straitstimes.com/PrimeNew...ry_592329.html

    Oct 19, 2010

    HDB spot checks on property ownership


    SPOT CHECKS are in store for Housing Board (HDB) flat buyers, to see if they are breaking the rules on owning private property in Singapore or overseas.

    Minister for National Development Mah Bow Tan said yesterday the public housing authority will conduct spot checks both locally and overseas, to determine if HDB flat buyers are lying about their interests in other properties.

    He was responding to a question from Ms Lee Bee Wah (Ang Mo Kio GRC) who voiced what has been on the minds of Singaporeans: how HDB will trace whether an HDB owner has a foreign property.

    The HDB had recently announced that those who buy an HDB resale flat on or after Aug 30 must dispose of their private property - including any held overseas - within six months of the HDB purchase.

    Mr Mah explained that at the point of purchase, HDB flat buyers are required to declare any interest or ownership in private property, local or overseas.

    Those guilty of false declarations can be liable, on conviction, to a fine of up to $5,000 or to imprisonment for a term up to six months, or both.

    If it is discovered before the completion of the purchase, HDB can cancel the application.

    If the discovery is made after the sale, HDB can compulsorily acquire the flat.

    'For practical reasons, HDB adopts different approaches to check on private property ownership in different countries.

    'I am unable to disclose the details to avoid hampering HDB's enforcement work,' said Mr Mah.

  2. #2
    Join Date
    Jul 2010
    Posts
    65

    Cool Seriously...

    Difficult to imagine how this could be enforced.

    For eg. if for some reason some Ang Mo PRs from the states with his own property back home decides to buy HDB (doesn't seem to be a common thing i suppose), i doubt their government would reveal his ownership if asked by HDB.

    Anyway, i think perhaps there will be(or there already is) some legal clause promising hefty penalty somewhere in the purchase contract when buying a new HDB. In addition, maybe they just wanted to scare the boleh land PRs a little .

    BTW no vested interest here...
    Last edited by med80009; 19-10-10 at 19:18.

  3. #3
    Join Date
    Oct 2010
    Posts
    60

    Default

    So native... They says they can check then you believe ah...
    Unless you brought oversea property and loan from Singapore "local" bank. Else how to check!

    Just to make you feel that you are "fairly" treated!

  4. #4
    xebay11 is offline New Launch Project Specialist
    Join Date
    Aug 2009
    Posts
    1,439

    Default

    They themselves do not reveal other citizen's investing in properties and depositing money here, do you think other Govts would reveal Singaporeans investing overseas?

  5. #5
    Join Date
    Oct 2010
    Posts
    4,739

    Default

    well, government is like a magician, they can pull a rabbit out a hat.
    They can induce a PR, give him incentives etc to co-operate and then make an example of him. After the hoohaa, then the goat can continue with his life.

    1) So no need to check with other countries' government
    2) On surface, people will think government so powerful
    3) kill 1 chicken to scare the monkeys

  6. #6
    Join Date
    Nov 2008
    Posts
    9,217

    Default

    Garment should have done their homework before implementing this. Let's wait for first case.

Similar Threads

  1. The Know and the Don't Know about property ownership.
    By Arcachon in forum Coffeeshop Talk
    Replies: 0
    -: 26-04-17, 00:20
  2. Undergrads upset over spot checks
    By chloechen in forum Coffeeshop Talk
    Replies: 7
    -: 25-10-13, 23:06
  3. Advice needed - change property ownership
    By gwlip in forum Singapore Private Condominium Property Discussion and News
    Replies: 5
    -: 24-12-12, 00:30
  4. Property ownership a priority
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 3
    -: 30-03-10, 00:14
  5. Next property hot spot: Bt Timah
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 4
    -: 23-06-07, 16:07

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •