Debated in Parliament on 11 May 2021.
Ms Nadia Ahmad Samdin asked the Minister for National Development for resale transactions of HDB flats made by vulnerable residents, such as single seniors, whether there are protective measures in place to ensure that such individuals have made plans to secure accommodation after the sale of their flats.
To sell their flat, flat owners first need to register an Intent to Sell via the HDB Resale Portal. In the Intent to Sell, they are required to state their next housing arrangement, such as buying another HDB flat or private property, renting a property or room on the open market, or staying with family members or friends. This prompts those who have not planned for their next accommodation to do so before embarking on their flat selling journey.
After submitting their Intent to Sell, flat owners must wait out a seven-day "cooling off" period, before they may grant an Option to Purchase (OTP) for their flat to an eligible buyer. The seven-day “cooling off” period allows flat sellers to review their plans again before committing to sell their flat and helps to ensure that they have made a considered decision when granting an OTP.
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