Singapore Property News This Week #166

Residential

New ruling: HDB flat sellers will have more time to move out of flats

To provide HDB flat sellers more time to move out of their sold flats, the Housing & Development Board (HDB) has eased current rules. Previously, flat sellers need to vacate their sold flats once the resale transaction was completed. However, with the revised ruling, flat sellers may stay in their sold flats for up to three months. Under the new ruling, flat sellers may request for a temporary extension of their stay if they have already been committed to buy a completed house. Since a temporary extension will affect the flat buyer’s minimum occupation period, any request for an extension have to be submitted to HDB. Nonetheless, flat buyers and sellers may privately negotiate the details of the extension. According to HDB, this will help about 2,700 household a year to transit into their new …