Private property owners are generally not eligible to acquire new Housing and Development Board (HDB) flats.
This comes as new HDB flats are heavily subsidised, hence, the government “prioritise such housing for those who need them more, such as first-time homebuyers and households who cannot afford private housing,” said the Ministry for National Development in a written answer to Parliament on Monday (3 July).
Nonetheless – to facilitate housing monetisation –the ministry allows elderly private property owners aged 55 and above to purchase two-room Flexi flats on shorter leases of between 15 and 45 years.
The elderly owners, however, are required to sell their private residential property within six months of taking possession of the HDB flat.
This article was edited by Denise Djong.
