HDB Sers replacement flat owners may see longer wait before resale with change in occupancy rule

[Cecil Lee]

Source and Credit: Todayonline.com

June 12, 2022

Property hunters who buy government-built flats have to occupy them for a set period before they could be put up for sale, and this is typically five years from the date of key collection.

• HDB recently revised rules for flat owners under its Selective En bloc Redevelopment Scheme
• Owners will only be able to sell their replacement flats five years after collecting their keys
• It used to be seven years after selecting a replacement flat or five years after collecting keys, whichever came earlier
• This rule change took effect from April 7

Mr Ismail Gafoor, chief executive officer of real estate firm PropNex Realty, said this means that owners of Sers replacement flats will have to live in their new flats longer before they are allowed to sell them in the open market — now that construction time is not part of the equation and the occupancy period starts from the key collection date.

Before the change of rule, homeowners could sell their replacement flats seven years after they selected it — which would include construction time — or five years from when they collected their keys, whichever came earlier.

Property hunters who buy their flats from HDB are required to occupy their flats for a set period before they could be put up for sale. 

This is known as the “minimum occupation period” and for most flats, it lasts five years from the date of key collection.

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The exceptions are flats under the relatively new Prime Location Public Housing scheme, where the wait is 10 years, and for flats bought under the new Fresh Start Housing Scheme, which is 20 years.

[Cecil Lee]

Source & Credit: