Premium HDB Rules has 10 year MOP

[Voodooman]

Pretty fair. Longer MOP, resale levy and best, no rental for first and subsequent owners.  HDB is subsidized by taxpayers, it should be for own stay, not to make money. 

[13177]

55 minutes ago, DOBIEMKZ said:

If got caught then whole flat is confiscated right?

Do anything but dont get caught lo. If get caught surely need to pay a high price for it. Example like for those flat who comes with a utility room, this room is not allowed to rent out. But many people have been doing it. Dont know if they know or dont know about this ruling?!

[13177]

1 hour ago, Throttle2 said:

Hope they kena fine big big and hdb confiscated. I personally know of one such case.  Owner kena fined $180k and hdb taken back.  👏🏻👏🏻👏🏻

Yes, those owner who illegally rent out their flat/room if doesnt meet the ruling must kena fine big big and take their flat back. But guess there are too many such cases that hdb also cannot catch, unless people pao toh them.

[DOBIEMKZ]

9 minutes ago, 13177 said:

Do anything but dont get caught lo. If get caught surely need to pay a high price for it. Example like for those flat who comes with a utility room, this room is not allowed to rent out. But many people have been doing it. Dont know if they know or dont know about this ruling?!

A few years ago I came across a 3-bedroom flat, supposedly not yet MOP; the owner converted part of the living room into an additional bed room. In this way, the owner kept an room but still rented out 3 rooms to maximise his rental income.

[Sturtles]

4 hours ago, RadX said:

makes sense

 

Subsidy clawback, 10-year MOP for new prime location HDB flats to keep them affordable, Housing News & Top Stories - The Straits Times

 

https://www.straitstimes.com/singapore/housing/subsidy-clawback-10-year-mop-for-new-prime-location-hdb-flats-to-keep-them?utm_campaign=stfb&utm_medium=social&utm_source=facebook&fbclid=IwAR1z4zAY3pHtyXGvutDidMFkNtp9bKE8vJniDaAt14Uwm_l2ebOsitNAkdM

 

 

Just my 2 worthless cents

HDB will amend this again in the future because

 

1. MOP is not the answer

- Housing needs change as a family progresses through life. 

A Couple who purchased a 3 room flat ( 2 functional bedrooms only) at 30 has to wait 5 years to build ( probably gets married and has 1-2 kid when he gets his keys)

Then as the 2nd/3rd kid comes along, he cannot sell his flat and right size to a more functional one till they are 45, and the kids are probably in secondary school with his son and daughter sharing rooms with the helper, which is complicated.

2. Where is the line of demarcation of prime area?

As an imaginary example, at HDB Jalan Besar, you have normal 5 year MOP at sane prices, then across the street, because of the prime land label, prices increase 20%, with 10 year MOP

- Same goes to Telok Blangah, Bukit Timah, Alexandra

3. regardless of how much HDB can practically price their 4room, flat, it will be 50-70% cheaper than surrounding condos, so the yield will be incredible.

- Surrounding Condos in Rochor is selling at $2800-$3000psf, and the max HDB can price their 4room flat is probably just $1000 psf

 

IMHO, the only way to balance these is to have reduced lease. Instead of 99years, a 60 year lease will reduce the upfront costs, but allow HDB eligible families to stay in exclusive areas.

Buyers of Prime land area have to be aware of this as it will reduce their retirement nest egg, and its a fair tradeoff for the convenience and prestige

 

Edited October 27, 2021 by Sturtles

[Beregond]

Look at those crazy 1m hdb flats sales this 2 years.

If we dun do something.  I dun know how the next generation  going to pay when their time come.

Already  wrong in the first place when we allow hdb to be treated like an investment and allow profit to be make from it

[Albeniz]

4 hours ago, Enye said:

young people nowadays have no patience to wait 10 years

at today’s speeds, 10 years is an eternity

but for me uncle … 不知不觉 already 20 years liao still happy in my ah beng infested slum 

😅

Same here....Time flies.

My neighborhood Ah Bengs have all become Lao Bengs.

Edited October 27, 2021 by Albeniz

[Ho2786]

a lot of shit can happen in 10 years

PAP may collapse and WP take over

and HDB collapse 50%

[Mkl22]

5 hours ago, Starry said:

Cannot rent out whole flat at anytime. But can rent out bedrooms.

So if the owner rent out all 3 bedrooms after MOP, isn't that the same as renting out whole flat? 

 

Then inspectors will check lor. If every time the home owner or immediate family not around. Then pok and take back flat. 

[Throttle2]

4 hours ago, Ho2786 said:

a lot of shit can happen in 10 years

PAP may collapse and WP take over

and HDB collapse 50%

That would be pretty cool

[Ct3833]

10 hours ago, Hamburger said:

Rules should apply to all HDB BTO, unless upgrading to bigger house. 

HDB 10 years, BTOs 20 years, prime locations 30 years . 😄😄

[Ct3833]

6 hours ago, Sturtles said:

 

 

Just my 2 worthless cents

HDB will amend this again in the future because

 

1. MOP is not the answer

- Housing needs change as a family progresses through life. 

A Couple who purchased a 3 room flat ( 2 functional bedrooms only) at 30 has to wait 5 years to build ( probably gets married and has 1-2 kid when he gets his keys)

Then as the 2nd/3rd kid comes along, he cannot sell his flat and right size to a more functional one till they are 45, and the kids are probably in secondary school with his son and daughter sharing rooms with the helper, which is complicated.

2. Where is the line of demarcation of prime area?

As an imaginary example, at HDB Jalan Besar, you have normal 5 year MOP at sane prices, then across the street, because of the prime land label, prices increase 20%, with 10 year MOP

- Same goes to Telok Blangah, Bukit Timah, Alexandra

3. regardless of how much HDB can practically price their 4room, flat, it will be 50-70% cheaper than surrounding condos, so the yield will be incredible.

- Surrounding Condos in Rochor is selling at $2800-$3000psf, and the max HDB can price their 4room flat is probably just $1000 psf

 

IMHO, the only way to balance these is to have reduced lease. Instead of 99years, a 60 year lease will reduce the upfront costs, but allow HDB eligible families to stay in exclusive areas.

Buyers of Prime land area have to be aware of this as it will reduce their retirement nest egg, and its a fair tradeoff for the convenience and prestige

 

Who says cannot sell ? Sell back to HDB lor. 

[13177]

6 hours ago, Beregond said:

Look at those crazy 1m hdb flats sales this 2 years.

If we dun do something.  I dun know how the next generation  going to pay when their time come.

Already  wrong in the first place when we allow hdb to be treated like an investment and allow profit to be make from it

Ya, i think they should do something on the resale of hdb flats esp in prime location. The price the owner asking way too over liao. Even people always say willing seller willing buyer, no one point a gun to the buyer to buy these crazy asking price hdb la. So also cannot totally blame these seller?!

[Ho2786]

1 hour ago, Throttle2 said:

That would be pretty cool

it may be cool but it aint gonna be pretty

[Porche]

@Ho2786 ya we are screw, P8P bei gan WP bei Sai haiz 

[Sturtles]

3 hours ago, Ct3833 said:

Who says cannot sell ? Sell back to HDB lor. 

During MOP period can sell to HDB?

How does it work currently?

[inlinesix]

6 hours ago, 13177 said:

Ya, i think they should do something on the resale of hdb flats esp in prime location. The price the owner asking way too over liao. Even people always say willing seller willing buyer, no one point a gun to the buyer to buy these crazy asking price hdb la. So also cannot totally blame these seller?!

As I said previously, it is still “affordable”.

20% down payment = $200k.

Achievable after working 10 years.

 

[inlinesix]

2 hours ago, Sturtles said:

During MOP period can sell to HDB?

How does it work currently?

During MOP, cannot sell.