Singapore PR to wait 3 years to buy HDB resale flat

[Wd40]

Another HDB rule targeting PRs

http://www.businesstimes.com.sg/breakin ... t-20130827

[AngMoG]

I have to say, that is actually kind of sensible. I only find the short notice a bit inappropriate...

[Wd40]

Couple of additional measures introduced, actually

http://www.todayonline.com/singapore/hd ... e-25-years

[Mi Amigo]

I have to say, that is actually kind of sensible. I only find the short notice a bit inappropriate...

I agree. The advance notice is very short, but this could reduce the number of people who apply for PR without the intention of settling permanently here but just in order to avail themselves of the benefits.

[Wd40]

PRs had stopped buying HDBs anyways, due to the 5% ABSD and no permission to rent out, ever.

This measure is more like beating the dead horse.

[sundaymorningstaple]

I hope they continue to beat the dead horse for a while, looking at the numbers on here every week trying to apply for PR rapidly. Most are just abusers in the first place using the "global person" platform to justify their giving up of PR after their property appreciated sufficiently to make a tidy profit. Yeah, it's short notice, but what to do? When the facts are thrown in your face month after month, eventually, they gonna get tired of it.

[Wd40]

Buying HDB is no longer the reason for PR application. PRs are not idiots to pay 5% more than citizens for a 30 year old pigeon hole. In all probability they are applying because there is still nothing to lose as far as the application is concerned.

However, I am sure there a lot more PRs now applying for citizenship to dodge the ABSD.

[sundaymorningstaple]

I have my serious doubt that you speak for all the PR wannabes in Singapore.

[Wd40]

I have my serious doubt that you speak for all the PR wannabes in Singapore.

Not all, but I know a lot of people who fit in that exact PR abuse category that you talk about.

[AndrewV]

I guess most PR's will resort to renting now? because the way things are going, until US and the west picks up, there are still few other places for them to go

[Saint]

I have my serious doubt that you speak for all the PR wannabes in Singapore.

Totally agree, of course one of the main reason of wanting to become PR is so to be able to buy a resale HDB. Even with the additional 5% it still a cheaper option than renting and a hell of a lot cheaper than buying private.

[Barnsley]

Is this an indirect admission that they have allowed too many PR's?

If the PR population is such a small player in the HDB resale market as the Govt states ..... somewhere around 5 or 6%... Then I am not sure what the point of this measure is apart from trying to score political points.

[sundaymorningstaple]

Spot on. Certain things are done purely for cosmetic reasons. The voters here are naive and the appearance of things often does more than anything else. They get points and only the PRs suffer (actually just get gouged a bit longer paying exorbitant rentals) for a couple more years. This might actually be a good thing in the short term as in a couple of years, if the cooling measures take hold, the prices may come down enough to offset the additional wait to buy.

Additionally, as the FTs thin out a bit (at the PMET levels) more condos will be renting at lesser amounts in order to keep 'em filled. So there should be some savings there as well.

[lfo_24]

Hi guys, I have tried to check in details for these ruling for SPR household on waiting for 3 years before they can buy resale flat.

Minimum criteria to be eligible for resale flat one must be SPR and to include another listed occupant (usually spouse) who is also SPR.

My question is:
These 3 years waiting, does it apply only for one person, means if one of the couple has fulfill more than 3 years as SPR, they can still buy resale
OR
does this applicable both people (the couple)?

[sundaymorningstaple]

As the rule was just announced this morning/last night, how would we have a clue?