SINGAPORE: With longer minimum occupation periods (MOP) for new Housing Board flats in desirable locations, the number of million-dollar resale flat transactions could be crimped in time to come, said an analyst. Prime Minister Lee Hsien Loong announced on Sunday (Aug 20) a major shift to how&nbs
SINGAPORE: With longer minimum occupation periods for new Housing Board flats in desirable locations, the number of million-dollar resale flat transactions could be crimped in time to come, said an analyst.
To keep the selling price low, these flats will get more subsidies and buyers will similarly face clawback of these subsidies when they sell the flat. The amount and other details have yet to be announced. "A rising number of such transactions may distort the price expectation of other sellers and fuel the heated million-dollar flat market," she said.
"The flat owner may need to move to another location due to other reasons during the longer MOP, such as a change of work locations or to move closer to their ageing parents. However, the longer MOP would restrict their mobility." "The new PLH model flats, which require a 10-year MOP, were probably used as a test bed to assess market acceptance of premium flats that entail a longer MOP," said Ms Sun.
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