Private residential property meaning in HDB rule?

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reddotaspirant
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Private residential property meaning in HDB rule?

Post by reddotaspirant » Tue, 31 Aug 2021 2:30 am

Hi,

I am confused about a rule that I read on HDB website about buying resale HDB as SPR family:

If the buyer, his spouse or other essential family members own any other HDB flat or private residential property in Singapore or overseas, the other flat/property has to be disposed of within 6 months from the actual date of completion of purchase of the flat.

What does private residential property mean in this rule? Does it include residential land/plot overseas too? If yes, do you need to sell off any land you have bought or inherited overseas before buying resale HDB in Singapore?

TIA

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Re: Private residential property meaning in HDB rule?

Post by sundaymorningstaple » Tue, 31 Aug 2021 12:17 pm

What does the term overseas mean to you??? Pretty self explanatory I'd say.
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Re: Private residential property meaning in HDB rule?

Post by reddotaspirant » Tue, 31 Aug 2021 1:52 pm

sundaymorningstaple wrote:
Tue, 31 Aug 2021 12:17 pm
What does the term overseas mean to you??? Pretty self explanatory I'd say.
Thanks for useful insight. I know what overseas means, my question was focused mainly around the term "private residential property" and whether a land/plot (without any construction on it) is also included in this term? I couldn't find such information on HDB website or even in previous posts posted on this forum.

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Re: Private residential property meaning in HDB rule?

Post by therat » Tue, 31 Aug 2021 1:59 pm

Based on your past post, you're applying PR.
Why dont wait until you get your PR then think about this question.
You have to wait for 3 yrs after getting PR then you can buy resale HDB

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Re: Private residential property meaning in HDB rule?

Post by reddotaspirant » Tue, 31 Aug 2021 2:19 pm

therat wrote:
Tue, 31 Aug 2021 1:59 pm
Based on your past post, you're applying PR.
Why dont wait until you get your PR then think about this question.
You have to wait for 3 yrs after getting PR then you can buy resale HDB
I am just asking for a piece of information. Is it bad to ask questions beforehand and plan accordingly than to wait for things to happen and ask later? In my opinion, I've asked a simple question and expecting a simple answer from sane people in this group.

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Re: Private residential property meaning in HDB rule?

Post by therat » Tue, 31 Aug 2021 2:21 pm

In my opinion,

You ask a question that will be only happen N year later.

Get PR first, then talk

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Re: Private residential property meaning in HDB rule?

Post by reddotaspirant » Tue, 31 Aug 2021 2:38 pm

therat wrote:
Tue, 31 Aug 2021 2:21 pm
In my opinion,

You ask a question that will be only happen N year later.

Get PR first, then talk
So you're not willing to answer because you don't think I am worthy to know it at this moment? My mistake, probably I've asked it on a wrong forum.

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Re: Private residential property meaning in HDB rule?

Post by therat » Tue, 31 Aug 2021 3:51 pm

You should try HWZ

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Re: Private residential property meaning in HDB rule?

Post by malcontent » Tue, 31 Aug 2021 7:53 pm

In the Singapore imagination, anyone who can afford to buy a private property is filthy rich and doesn’t need to burden the HDB.

When I tell people about the 12,000 sq.ft. empty lot that I purchased in 2012 in the US for $8,000 their jaw drops through the floor.
It’s not what happens to you, but how you react to it that matters ~ Epictetus

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Re: Private residential property meaning in HDB rule?

Post by sundaymorningstaple » Tue, 31 Aug 2021 8:00 pm

therat wrote:
Tue, 31 Aug 2021 3:51 pm
You should try HWZ
And you guys think I'm rough? I won't even wear kevlar body armour in that place! :P
Life isn't about avoiding the bruises. It's about collecting the scars to prove we showed up for it!

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Re: Private residential property meaning in HDB rule?

Post by Lisafuller » Tue, 31 Aug 2021 10:21 pm

malcontent wrote:
Tue, 31 Aug 2021 7:53 pm
In the Singapore imagination, anyone who can afford to buy a private property is filthy rich and doesn’t need to burden the HDB.

When I tell people about the 12,000 sq.ft. empty lot that I purchased in 2012 in the US for $8,000 their jaw drops through the floor.
My thoughts exactly. Anyone able to afford private property does not need to concern themselves with government housing.

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Re: Private residential property meaning in HDB rule?

Post by Lisafuller » Tue, 31 Aug 2021 10:22 pm

reddotaspirant wrote:
Tue, 31 Aug 2021 2:19 pm
therat wrote:
Tue, 31 Aug 2021 1:59 pm
Based on your past post, you're applying PR.
Why dont wait until you get your PR then think about this question.
You have to wait for 3 yrs after getting PR then you can buy resale HDB
I am just asking for a piece of information. Is it bad to ask questions beforehand and plan accordingly than to wait for things to happen and ask later? In my opinion, I've asked a simple question and expecting a simple answer from sane people in this group.
Fair enough, but at the same time it’s not exactly a relevant consideration at the moment or at least for the near future, until you’ve obtained PR status.

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Re: Private residential property meaning in HDB rule?

Post by Myasis Dragon » Tue, 31 Aug 2021 11:13 pm

In my view the rule simply means that you cannot hold other residential real estate, improved or not, when you buy an HDB property. That would include an undeveloped plot of land that you are holding for appreciation purposes.

It's not about living in your overseas property, it is the appearance that you are a real estate investor. And HDB has taken steps to cool the inflationary pressures of purchasing real estate for investment purposes.

Of course, the logical people to contact are the folks at HDB, and I hope you do, then report back what they said.

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Re: Private residential property meaning in HDB rule?

Post by reddotaspirant » Tue, 31 Aug 2021 11:25 pm

Myasis Dragon wrote:
Tue, 31 Aug 2021 11:13 pm
In my view the rule simply means that you cannot hold other residential real estate, improved or not, when you buy an HDB property. That would include an undeveloped plot of land that you are holding for appreciation purposes.

It's not about living in your overseas property, it is the appearance that you are a real estate investor. And HDB has taken steps to cool the inflationary pressures of purchasing real estate for investment purposes.

Of course, the logical people to contact are the folks at HDB, and I hope you do, then report back what they said.
Thanks a lot, that makes sense. I'll report back if I get anything official on this.

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Re: Private residential property meaning in HDB rule?

Post by malcontent » Tue, 31 Aug 2021 11:40 pm

Philosophically, I agree that if you own other property then you either should sell it and put that money towards your HDB purchase… after all, HDB is supposed to be for those who can’t afford to buy a property.

The problem I have with the HDB is they have gotten off course from their core charter, which is no frills housing… not things like ECs. A better way to accommodate the sandwich class is to deregulate private housing to allow more flexibility in the building no-frills apartments without mandating security. The security at private apartments is almost a joke anyway, and isn’t Singapore supposed to be safe?
It’s not what happens to you, but how you react to it that matters ~ Epictetus

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