During the first five years following the purchase of a flat, also known as the minimum occupation period, a flat owner cannot own, buy or invest in a private residential property (“Different rules on flat ownership” by Mr Daniel Tong Wee Jin; Aug 14).
This rule serves to reinforce the home ownership principle underlining our public housing policies.
A private residential property owner who buys a resale flat will have to meet the minimum occupation period before he can own a private property concurrently. He is therefore given six months to dispose of his private property after the purchase of the flat.
Similarly, an existing flat owner can only own, buy or invest in a private residential property after he has met the minimum occupation period.
In other words, the same rules on ownership of private residential property apply to both resale flat buyers and existing flat owners.
To safeguard public housing for Singapore citizens, we have, since January, revised our policy to require Singapore permanent resident households to dispose of their Housing Board flats when they buy private residential property.
Chan-Wong Jee Choo Lily (Mrs)
Director (Policy & Property)
Housing & Development Board
* Letter first appeared in ST Forum (23 Aug)