The Housing and Development Board (HDB) will increase the Minimum Occupation Period (MOP) of non-subsidised flats from three to five years.
Buyers of these flats will also be banned from concurrently owning both an HDB flat and a private residential property within the MOP.
Private property owners who buy a resale HDB flat must now dispose of their private residential property within six months from the date of flat purchase.
HDB said this will help ensure buyers purchase flats only when they have the intent of staying in it for long term and ensure equitable treatment for all flat lessees during their MOP.
Ownership of private properties by HDB lessees will be allowed after the MOP.
The changes will apply to resale applications received by HDB from Monday.
For the full article, please visit Channel News Asia at http://www.channelnewsasia.com/stories/singaporelocalnews/view/1077921/1/.html
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