Extract:

HDB Flats for Owner-Occupation

8.         HDB flats are meant for long-term owner-occupation. HDB will increase the Minimum Occupation Period (MOP) to reinforce this and dampen demand from those who are not in urgent need of housing.

9.         First, the MOP of non-subsidised flats for resale and subletting of flat will be increased from three to five years. Second, buyers of non-subsidised flats will be disallowed from concurrently owning both an HDB flat and a private residential property within the MOP [1]. Private property owners who buy a non-subsidised HDB flat must now dispose of their private residential property within six months from the date of flat purchase. This will help ensure that buyers purchase HDB flats only when they have the intent of staying in it for long term and ensure equitable treatment for all HDB flat lessees during their MOP. Ownership of private properties by HDB lessees will be allowed after the MOP.

10.       The revised changes are summarised in Table 1, and will apply to resale transactions where applications are received by HDB from 30 Aug 2010 onwards.

Table 1: Changes for Non-subsidised Flats*