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31 Aug 2013

Sudden change in HDB rules leaves PR buyers in mid-deal stranded

Buyers in mid-deal stranded; HDB plans to review deals on case-by-case basis

Source: The Straits Times

By: Daryl Chin, Property Correspondent

At least 150 property deals have hit the skids due to a sudden Housing Board policy change which requires new permanent residents (PRs) to wait three years before they can buy a resale flat.

The figure is an early estimate by property agents, who say that similar cases are streaming in, with PRs having been caught out by Tuesday night's surprise announcement, which took effect immediately.

Before then, PRs could buy a resale flat as soon as their residency had been confirmed.

National Development Minister Khaw Boon Wan said the move was part of efforts to stabilise and "restore balance" in the HDB market.