Written answer by MND on number of appeals made by private property owners for waiver of 15-month wait-out period to purchase resale HDB flats and guidelines used to consider these appeals

Jan 9, 2023

Questions No: 2506 and 2507

Questions by: Mr Sitoh Yih Pin

2506. Mr Sitoh Yih Pin: To ask the Minister for National Development

(a) how many appeals have been made for waiver of the 15-month wait-out period where the private property owners have given an Option to Purchase to a buyer for their private property or have sold their private property prior to the announcement of the wait-out period in September 2022, with the intention to purchase a resale HDB flat thereafter;

(b) how many of these appeals have been successful; and

(c) what are the guidelines used by the Ministry to consider these appeals.

2507. Mr Sitoh Yih Pin: To ask the Minister for National Development

(a) how many appeals have been made by purchasers who are 55 years old and above to purchase resale HDB flats larger than a 4-room flat within the 15-month wait-out period after selling their private property;

(b) how many of these appeals have been successful; and

(c) what are the guidelines used by the Ministry to consider these appeals.

Answer:

As part of the property cooling measures introduced on 30 Sep 2022, private residential property owners (PPOs) and ex-PPOs are required to serve a wait-out period of 15-months after the disposal of their private properties before they are eligible to buy a non-subsidised resale flat. This is a temporary measure to help moderate demand for resale flats.

2.       In recognition that some seniors may wish to monetise their private residential property to enhance their retirement adequacy, the 15-month wait-out period does not apply to those aged 55 and above, including their spouses, who are moving from their private property to a 4-room or smaller resale flat. Buying a smaller HDB flat will generally enable seniors to receive more proceeds than buying a larger flat type, which can better enhance their retirement adequacy.

3.       For the period of 30 Sep 2022 to 30 Nov 2022:

a)       HDB received 1,284 appeals from PPOs/ex-PPOs to waive the 15-month wait-out period. Thus far, 902 appeals have been processed, and about 38% of them were successful. The majority of successful appellants had already committed to buying the resale flat, having obtained an Option to Purchase (OTP) to buy a resale HDB flat before 30 Sep 2022.

b)       Of the 1,284 appeals, 144 appeals were from PPOs/ex-PPOs who are 55 years old and above who wish to purchase a 5-room or larger resale HDB flat within the 15-month wait-out period after selling their private property. Thus far, 102 appeals have been processed, and about 34% of them were successful. Similarly, the majority of successful appellants had obtained an OTP for the purchase of a 5-room or larger resale HDB flat before 30 Sep 2022.

4.       HDB is progressively reviewing the remaining appeals received. HDB will continue to assess appeals for a waiver of the 15-month wait-out period on a case-by-case basis, taking into account any extenuating circumstances of the flat buyers and their families.