Purchase of HDB Flats while Retaining Ownership of Local or Overseas Private Properties

53 Mr Zainal Sapari asked the Minister for National Development (a) currently, how many Singaporeans are allowed to purchase resale HDB flats while retaining ownership of local or overseas private properties; (b) under what circumstances will HDB allow a waiver of its rule which is to dispose of the private property within six months from buying a resale flat; and (c) whether this policy has achieved its intended outcome of cooling the property market.

Mr Lawrence Wong: Housing and Development Board (HDB) flats are meant for owner-occupation. To reinforce this principle, buyers of HDB resale flats are not allowed to retain ownership of local or overseas private properties.

However, on a case-by-case basis, HDB will consider appeals from flat owners to retain private properties, taking into account factors, such as the owner's share in the private property, and why the private property cannot be recovered for his own use.

This policy has achieved its objective of dampening demand for resale flats from buyers with no urgent housing need. Together with other cooling measures introduced since 2009, it has helped to stabilise prices in the resale market and to ensure that HDB flats remain affordable to Singaporeans.