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, a real estate agent, sold his one-bedroom condominium unit three weeks ago with the intention of buying a five-room Housing Board resale home to live in with his elderly parents. His objectives, on the other hand, have vanished suddenly.

A 15-month wait-out period for current and past private residential property owners who want to buy a non-subsidised HDB resale unit was announced shortly after 11.40pm on Thursday and will take effect on Friday. People may previously purchase a HDB resale property on the open market if they sold their private properties within six months of obtaining the HDB apartment.

“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,” Mr Yew, 48, who is divorcing, explained. “I’ll have to move out after the divorce, but where do I live for 15 months?” he says, claiming that friends have offered him a place to stay but that he does not want to disturb them. Mr Yew’s earnings have fallen, and he now earns around $2,700 per month, which he claims makes renting difficult.

At least three other downgraders in similar situations have told The Straits Times that they will either submit an appeal or abandon their plans to buy a HDB resale apartment.

Current and former private property owners of any age who have mitigating circumstances such as financial difficulties may approach HDB for an assessment of their situation, according to the authorities. According to economists, the 15-month timetable is likely meant to postpone the flow of hot money from private property owners who want to cash out and downgrade to a HDB property so that more money can be saved aside 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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