http://www.straitstimes.com/Breaking...ry_572659.html
Aug 30, 2010
HDB acts on dual ownership
THE extension of the three year minimum occupation period (MOP) to five years for non-subsidised HDB flats is to dampen demand from those who are not in urgent need of housing.
The Housing Board said the move is also to reinforce the notion that HDB flats are meant for long-term owner-occupation.
Apart from the longer MOP for resale and subletting of flat to five years, the HDB also announced on Monday morning that buyers of non-subsidised flats will be disallowed from concurrently owning both an HDB flat and a private residential property within the MOP.
Private property owners who buy a non-subsidised HDB flat must now dispose of their private residential property within six months from the date of flat purchase.
'This will help ensure that buyers purchase HDB flats only when they have the intent of staying in it for long term and ensure equitable treatment for all HDB flat lessees during their MOP,' said an HDB statement. An HDB owner will also not be allowed to own private properties during the MOP.
Currently, buyers of subsidised HDB flats are not allowed to own a private residential property within the five-year MOP. On the other hand, buyers of non-subsidised flats can concurrently own a private residential property during the MOP, as long as they live in the HDB flat.
Private property owners can also buy non-subsidised flats while concurrently owning their private residential properties, provided they live in the HDB flat during the MOP.
'There is therefore disparity in treatment among the different groups during their MOP,' said the HDB.
The changes will apply to resale applications received by the HDB from Monday.