Last Friday (5/03/2010), HDB announced new changes to the minimum occupation period (MOP) for HDB flats. It’s aimed at reducing speculation in the market which has seen property prices soaring in the last few months.
The MOP for resale HDB flats is now 3 years, regardless of the type of loan (or none at all, for that matter) that you’re taking. Essentially, the government is trying to get the message across that HDB flats are for occupation, not for investment. If you’re buying a new flat direct from HDB, the MOP is still 5 years.
I realized soon after writing a post about how much you can expect to pay for your initial HDB rental payments and the new HDB registration law, I should actually go into the rental procedure itself. Well, it looks like I finally got round to it! It’s not a complicated procedure, and I’m sure you’ll be able to wrap your arms around it in no time.
Let’s start with the things you’ll have to bring along:
- Photocopied passport
- Photocopied employment pass
- Good faith deposit of one month rental
Rising property prices have caused the real estate profession to come under the spotlight in recent months. This is expected, of course, because when a company or industry begins to report record prices or profits, then it risks being placed under the political microscope.
The Singapore government recently launched a public consultation exercise for a new regulatory framework for the real estate industry (which apparently received only 200 suggestions). One of the more popular suggestions was to require real estate agents to pass a standard test before they’re allowed to practice. That seems long overdue. While most people don’t expect their agents to be real estate geniuses, I’m sure they expect agents to have at least some comprehension of the industry. I mean, this is probably one of the more important decisions in your life, right?