HDB waives 15 months wait out period for some private condo sellers : As part of the 30th September 2022 property cooling measures, private property owners who sold their private condos are NOT allowed to immediately buy a HDB resale flat. They have to wait 15 months after selling their private property before they can do so.
However on 6th Oct 2022, it was clarified that HDB will approve, on a case by case basis, exercise flexibility for buyers with documentary proof that they had obtained the option to purchase before the policy changes and waive the 15-month wait-out period.
As more and more such buyers are around, people are renting out their properties to these buyers who need to wait out the 15 months. It is prudent to read about the rules for renting out your HDB flat.
HDB waives 15 months wait out period for some private condo sellers : Latest announcement on the Waiver of 15 months wait period
It is now known that Housing and Development Board (HDB) received 650 appeals from present and former private homeowners facing challenges in securing an HDB flat following the implementation of the cooling measures.
Of these, 220 had obtained an Option to Purchase (OTP) on an HDB resale flat, prior to the rollout of the new rules.
“For these home seekers, HDB has exercised flexibility and waived the 15-month wait-out period for all of them,” shared Minister for National Development Desmond Lee.
For this group, it was always felt that the government will waive the rule for them as they were bona fide buyers of HDB flats at time of the announcment of the rules and have actually already has an OTP.
However, there is another group of affected home seekers are those who have not obtained an OTP to acquire an HDB resale flat but have committed to selling or have recently sold their existing private home.
For such cases, HDB will assess their appeals on a case-by-case basis. How does HDB decide on the genuine cases though ?
It remains to be seen.
