Where do I live for 15 months?: Extended wait-out period for HDB resale flat leaves some frustrated

by Albert02

Where do I live for 15 months?: Extended wait-out period for HDB resale flat leaves some frustrated

Where do I live for 15 months?: Extended wait-out period for HDB resale flat leaves some frustrated. Patrick Yew, an estate officer, sold his one-bedroom condominium unit three weeks ago with the idea of purchasing a five-room Housing Board resale flat to live in with his elderly parents. His ambitions, however, have collapsed overnight.

A 15-month wait-out term for present and previous owners of private residential property who want to acquire a non-subsidised HDB resale unit was announced little after 11.40pm on Thursday and will take effect on Friday. People who sold their private homes within six months of getting the HDB apartment may previously purchase a HDB resale property on the open market.

“I’ve already sold my condo, which was an investment property, and I’ll give my four-room HDB flat to my wife and two kids since they need a house,” revealed Mr Yew, 48, who is divorcing. “I’ll have to move out after the divorce, but where do I live for 15 months?” he asks, adding that friends have offered him a place to stay but he does not want to bother them. Mr Yew’s earnings have declined, and he now earns roughly $2,700 per month, which he alleges makes it impossible to rent.

At least three other downgraders in similar circumstances have told The Straits Times that they will either file an appeal or abandon their intentions to purchase a HDB resale property.

According to the authorities, current and former private property owners of any age who have mitigating circumstances such as financial difficulties may approach HDB for a review of their situation. According to analysts, the 15-month timeframe is likely intended to delay the flow of hot money from private property owners who want to cash out and downgrade to a HDB property in order to save more money for their retirement plans.

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Source: 
https://www.straitstimes.com/singapore/housing/frustrations-among-private-property-downgraders-hit-by-15-month-wait-out-period-in-fresh-cooling-measures


 
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