Debated in Parliament on 9 Jan 2023.
Mr Sitoh Yih Pin asked the Minister for National Development (a) how many appeals have been made for waiver of the 15-month wait-out period where the private property owners have given an Option to Purchase to a buyer for their private property or have sold their private property prior to the announcement of the wait-out period in September 2022, with the intention to purchase a resale HDB flat thereafter; (b) how many of these appeals have been successful; and (c) what are the guidelines used by the Ministry to consider these appeals.
Mr Sitoh Yih Pin asked the Minister for National Development (a) how many appeals have been made by purchasers who are 55 years old and above to purchase resale HDB flats larger than a 4-room flat within the 15-month wait-out period after selling their private property; (b) how many of these appeals have been successful; and (c) what are the guidelines used by the Ministry to consider these appeals.
As part of the property cooling measures introduced on 30 September 2022, private residential property owners (PPOs) and ex-PPOs are required to serve a wait-out period of 15 months after the disposal of their private properties before they are eligible to buy a non-subsidised resale flat. This is a temporary measure to help moderate demand for resale flats.
In recognition that some seniors may wish to monetise their private residential property to enhance their retirement adequacy, the 15-month wait-out period does not apply to those aged 55 and above, including their spouses, who are moving from their private property to a 4-room or smaller resale flat. Buying a smaller Housing and Development Board (HDB) flat will generally enable seniors to receive more proceeds than buying a larger flat type, which can better enhance their retirement adequacy.
For the period of 30 September 2022 to 30 November 2022:
(a) HDB received 1,284 appeals from PPOs/ex-PPOs to waive the 15-month wait-out period. Thus far, 902 appeals have been processed, and about 38% of them were successful. The majority of successful appellants had already committed to buying the resale flat, having obtained an Option to Purchase (OTP) to buy a resale HDB flat before 30 September 2022.
(b) Of the 1,284 appeals, 144 appeals were from PPOs/ex-PPOs who are 55 years old and above who wish to purchase a 5-room or larger resale HDB flat within the 15-month wait-out period after selling their private property. Thus far, 102 appeals have been processed and about 34% of them were successful. Similarly, the majority of successful appellants had obtained an OTP for the purchase of a 5-room or larger resale HDB flat before 30 September 2022.
HDB is progressively reviewing the remaining appeals received. HDB will continue to assess appeals for a waiver of the 15-month wait-out period on a case-by-case basis, taking into account any extenuating circumstances of the flat buyers and their families.
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