Allowing Singaporeans to Buy Resale HDB Flats from Proceeds of Selling Local or Overseas Private Property

Mr Kwek Hian Chuan Henry asked the Minister for National Development whether the Ministry will consider allowing Singaporeans who own local or overseas property to purchase a resale HDB flat if they are downgrading to cash out their local private property for their retirement living, or when the annual value of their total overseas property is less than a certain value or when they satisfy an established time line to divest the overseas property.

Singaporeans who own a local or overseas residential property can buy a resale flat if they meet the eligibility conditions for HDB flat purchases and dispose of their private property within six months from the date of the resale flat purchase. This requirement is consistent with the intent for HDB flats to be homes for long-term owner-occupation. It deters speculative purchases of HDB flats, thus helping to keep them affordable, and also prioritises our limited supply of HDB flats for home seekers who do not own other properties.