(Image from Singapore Tourism Board)
HDB owners can now expect random spot checks to ascertain whether they also own private property in Singapore or overseas. One of the government’s measures was that those who buy an HDB resale flat on or after Aug 30 must dispose of their private property - including any held overseas - within six months of the HDB purchase.
One of the most widely discussed issues raised by this was just owners of foreign property would be held accountable. However, while Minister for National Development Mah Bow Tan announced that the public housing authority will conduct spot checks both locally and overseas, to determine whether HDB flat buyers already own private property, he was unable to give any details of exactly how this would be carried out.
'For practical reasons, HDB adopts different approaches to check on private property ownership in different countries’ said Mah, 'I am unable to disclose the details to avoid hampering HDB's enforcement work.'
Despite Mah’s statement, tracing private property overseas will be extremely difficult, given the confidential nature of transactions conducted outside of Singapore. No cases of dual HDB and private property ownership have arisen yet.
Those guilty of false declarations can be liable to a fine of up to $5,000 or to imprisonment for a term up to six months, or both. If the false declaration is discovered before completion of the purchase, HDB can cancel the application.
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anonymous said...
I must say I am always iccptseal about these units or depts, whatever you call it, that seeks to reach out to Singaporeans overseas. In fact, I can't even say for sure if this is a desperate attempt to win the hearts of overseas Singaporeans into coming back to Singapore. On the surface, things always seems noble and fair, but what's the true agenda behind it we will never know.While it is true that not all working overseas are on the intent of migration, it is also interesting to note in a survey several years back that only a mere 5% of those whom relocated elsewhere chose to turn back to our shores.
March 11, 2012 12:57:00 PM
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anonymous said...
they don't have to do this, cause the risen prices of hdb flat were cause by overseas investor who bought pte properties in singapore and when pte property get to expensive people who are well off buy Flat and they put high price to purchase it.
So the Gov have to curb this and also migrated people who just get PR must stay in singapore bfore they are allow to buy a HDB ,, Flat.
October 20, 2010 8:12:00 PM
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