New developments to share

[Frodo]

So if a S'porean reaching 35 yo, isn't it better to buy a condo than buying a hdb flat, with so many restrictions, like MOP 5 yr period?
I think it is a silly ruling, how can hdb flat be considered cheap and subsidized if it cost something like 300K to 600K. The whole world is talking abt globalisation and here we are, restricting its own people from investing outside of the small island. Oh and since abt 80% live in hdb flats, the majority of us Sporeans will lose out big time in future if this ruling is permanent. Just hope they can take it away sooner, like the case of hawker centres cannot sell restaurant food, thumbs up for that minister! He is an example of living in modern times.

Fully agree that the overseas properties also get caught into this policy is indeed silly. Prices of overseas property can be so cheap compared to Singapore. So why would govt scholars setting policies think you must be so rich to own overseas property so you do not deserve to own hdb in your own country of residence, and must sell overseas property to buy hdb?

 

[FHBH12]

That rule is certainly hard to enforce and personally, I know my FT colleagues from South Asia are not giving up their big mansions in their home cities in exchange for a HDB here. I half suspect in this case, HDB works on tip-offs so discretion is key to make sure no one blows the whistle on them.

HDB won't be so silly to send staff overseas to gather information. If this happens, the foreigner can quickly transfer the property to a sibling/parents or dummy company.

 

[crystal_tiong]

HDB won't be so silly to send staff overseas to gather information. If this happens, the foreigner can quickly transfer the property to a sibling/parents or dummy company.

they can ask msia lawyers to do a check by paying a fee .

 

[RedsYNWA]

they can ask msia lawyers to do a check by paying a fee .

They will have to rely on tip-offs esp if HDB buyers are entirely Singaporeans. Sadly, these could be your friends, relatives, neighbours, colleagues etc etc.....

 

[FHBH12]

they can ask msia lawyers to do a check by paying a fee .

Malaysia is too near.

 

[RedsYNWA]

Malaysia is too near.

Apparently, there's a way to circumvent this, esp if your spouse is Malaysian and has other occupants in the MY house like parents/siblings.

In a recent parliamentary reply, it was stated HDB had allowed some Malaysians to keep their MY houses while applying for new/resale HDB flats, on the grounds that they have other occupants who have nowhere to stay if the MY house is sold.

 

[crystal_tiong]

Malaysia is too near.

near and then ?

 

[crystal_tiong]

They will have to rely on tip-offs esp if HDB buyers are entirely Singaporeans. Sadly, these could be your friends, relatives, neighbours, colleagues etc etc.....

tip off also need to have proof right ?

 

[FHBH12]

near and then ?

Historically both are one country and there are many government links.

I don't think HDB will want to dig out PRs from India or China what properties they own, as it is not worth the trouble.

 

[RedsYNWA]

tip off also need to have proof right ?

HDB will probably need the tipster's full contact details. With this, my guess is HDB will act on the tipoff by engaging Malaysian lawyers. Once successful, HDB will blow up the stories in the mass media to kill 1, scare hundred.

Moral of story for Sinkies is that its best they buy HDB first & wait out the 5 years MOP period, if they want to be really safe.

 

[kawan2sgmy]

I cannot understand why the fuss over owning overseas properties. It's so much cheaper compared to our sky high prices, and don't forget, we, the elders, are planning for our future with the little savings we can afford now. At most, they can fine tune the policy and say U cannot rent out yr hdb flat for a certain no. of yrs. I guess the people up there don't understand the people at the bottom and those that are sandwiched in-between. Wait until they have lots and lots of resale flats which nobody wants, and hopefully by then, they will tweak the ruling. Just hope only...

To wait out the 5 yr MOP period is like very long time, by then, and if, property prices comes down, we would have missed the boat. To wait for another property cycle is even longer. Like that, no chance to make a killing.

HDB will probably need the tipster's full contact details. With this, my guess is HDB will act on the tipoff by engaging Malaysian lawyers. Once successful, HDB will blow up the stories in the mass media to kill 1, scare hundred.

Moral of story for Sinkies is that its best they buy HDB first & wait out the 5 years MOP period, if they want to be really safe.

 

[potter]

e most amazing one is joint partnership can buy hdb, but not singaporeans. SG boleh!

 

[crystal_tiong]

e most amazing one is joint partnership can buy hdb, but not singaporeans. SG boleh!

most of the minsters orgin from where ? of coz take care own ppl la.

 

[DorisPing]

Ohh...really?? I am very concern....ummm...for a friend.
Meaning, if you already got an overseas property, you cant own or purchase any HDB flat even though through subsale?? OMG~~~

When come to big ticket item, try to play safe.

People whom know what you are doing may betray you.

Walking on tight rope and squeezing thru loophole may be fun, but somehow it will find a way back to haunt you in the future.

 

[DorisPing]

Well...rules are rules...unless one intends to take the risk and try to circumvent the rules...else just dont purchase any hdb flat...if still dont like it...well...we will have another chance in a few years time...

OMG...Is this for real...worried sial...
http://www.hdb.gov.sg/fi10/fi10321p...ytobuynewHDBflat?OpenDocument#PrivateProperty

Ownership/Interest in Property in Singapore or Overseas other than HDB flats

You, your spouse, any occupiers listed in the Application Form or their spouses must not own or dispose or have an estate or interest in any other flat, house, building or land*

Within 30 months before the date of application, and
Between the application date and the date of taking possession of the flat


* includes but not limited to:

HUDC flats (Privatised and Non-Privatised)
Properties acquired by gift
Properties inherited as beneficiaries under a will or as a result of the Intestate Succession Act
Private properties
Properties owned/acquired/disposed through nominees regardless of properties location

I cannot understand why the fuss over owning overseas properties. It's so much cheaper compared to our sky high prices, and don't forget, we, the elders, are planning for our future with the little savings we can afford now. At most, they can fine tune the policy and say U cannot rent out yr hdb flat for a certain no. of yrs. I guess the people up there don't understand the people at the bottom and those that are sandwiched in-between. Wait until they have lots and lots of resale flats which nobody wants, and hopefully by then, they will tweak the ruling. Just hope only...

To wait out the 5 yr MOP period is like very long time, by then, and if, property prices comes down, we would have missed the boat. To wait for another property cycle is even longer. Like that, no chance to make a killing.

 

[shctaw]

Ohh...really?? I am very concern....ummm...for a friend.
Meaning, if you already got an overseas property, you cant own or purchase any HDB flat even though through subsale?? OMG~~~

You can do anything you want to do in life..... but try not to get caught.

 

[ginfreely]

e most amazing one is joint partnership can buy hdb, but not singaporeans. SG boleh!

don't get what is joint partnership can buy hdb?

 

[FHBH12]

This is a symbolic rule. Just like e fine for not flushing public toilet.

 

[DorisPing]

OMG....the more I digged...:*:
What if it's a BTO...then can I wait until TOP before selling my overseas property?

http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyResaleFlatPublicScheme?OpenDocument

Ownership/Interest in Property in Singapore or Overseas other than HDB flats If you or any person listed in your resale flat application owns private residential property (locally or overseas), you may still buy a resale flat without any CPF housing grant or HDB loan but you must dispose of the private property within six months of the purchase of the resale flat.

Ummm...also...make sure no one try to sabo you...:kma:
BTW, anyone heard of any being prosecuted for not complying with this ruling...??
Like some said...it's easier said than done...

 

[DorisPing]

This is a symbolic rule. Just like e fine for not flushing public toilet.

Well...symbolic...until they start to 'flush' the offenders out...just punish one will scare all the rest...