HDB revises subletting of flats for PRs

[pianist]

Singapore's Housing Development Board (HDB) has set new revised rules for subletting by flat owners who are Singapore Permanent Residents (SPRs), said its press release on Wednesday.

The new revised rules will take into effect from July 11, 2012.

SPRs will now be allowed to sublet their flat after meeting the minimum occupation period (MOP) only if they have not sublet the flat before.

The approval will be granted for one year only, instead of the previous three years, with renewal to be assessed on a case-by-case basis. Approval will be granted only if there are extenuating reasons.

[corydorus]

This will open up more supplies into the Market. Considering we have many PR, is it significant enough to cause a shift ?

[wsreader]

Reduction of rental rooms from hotel hdb means budget travellers will have to rent from budget hotels/inns. But sometimes it is difficult to proof that the travellers are not related to the PR flatowners and that there was no rental fees passing hands.

[propertyinvestor]

Smart PRs are those who have already got approval to sublet out their flats last year!

[sgd]

Responding to queries from Channel NewsAsia, chairperson of the Government Parliamentary Committee for National Development, Lee Bee Wah, said: "PRs have to appreciate that Singaporeans (have) worked over the years, from the time of their forefathers, to build up this country to what it is today."

She added that "as a PR, you just walk in at some stage in your life and you should therefore not be entitled to the same privileges or benefits that Singapore-born citizens enjoy."

wow really warms my heart and sends a tear to my eye to hear such nationalistic speeches. How come few years back never say all these obviously now economy slow down they have more than enough FT already so time to close the tap and since some of these FT already invested half a mil in HDB flat they're now royally screwed over with this new ruling unless lan lan they go and sompah becum citizen .. idea huh .. maybe gameplan

[CY09]

Responding to queries from Channel NewsAsia, chairperson of the Government Parliamentary Committee for National Development, Lee Bee Wah, said: "PRs have to appreciate that Singaporeans (have) worked over the years, from the time of their forefathers, to build up this country to what it is today."

She added that "as a PR, you just walk in at some stage in your life and you should therefore not be entitled to the same privileges or benefits that Singapore-born citizens enjoy."

wow really warms my heart and sends a tear to my eye to hear such nationalistic speeches. How come few years back never say all these obviously now economy slow down they have more than enough FT already so time to close the tap and since some of these FT already invested half a mil in HDB flat they're now royally screwed over with this new ruling unless lan lan they go and sompah becum citizen .. idea huh .. maybe gameplan

In my view, it is a political reaction to the recent issue of immigration that our citizens are unhappy with. CNBC mentioned Singapore real estate market is the 4th hottest in the world where prices rose 50.5% over 5 years. Most of our wages rise over 5 years did not even grow by 20%. Hence govt is now doing drastic measures to stem property prices increase

[corydorus]

Gov is not doing enough and seems a bit slow. If Khaw is to delay till wage catch up, we have many many years to wait. (zombie state ?)
I would prefer he do a clean swipe and bring the price down 30% on average.

[CY09]

Gov is not doing enough and seems a bit slow. If Khaw is to delay till wage catch up, we have many many years to wait. (zombie state ?)
I would prefer he do a clean swipe and bring the price down 30% on average.

While khaw is indeed trying to lower prices and improve afforability such as ramping up supply, he has to bear in mind that bringing prices down too much will affect home loans taken by owners (private & resale HDB flats). This could lead to our 3 banks having to take massive loan provisions and this could spillover to other areas of our local economy. Its a tricky policy dilemma for him - slow too fast and our economy may seize up.

[flinger]

Gov is not doing enough and seems a bit slow. If Khaw is to delay till wage catch up, we have many many years to wait. (zombie state ?)
I would prefer he do a clean swipe and bring the price down 30% on average.

When he does that, we shall all wait for the crash to follow. Whoppee!!!

[Ben]

I believe our govt does not want to see prices coming down, but rather to stabilize it and let it move in tandem with economic progress. But I personally feel that Khaw is doing a much better job than MBT.