HDB Issues Reminder to Register Room Sublets

HDB has issued a reminder today to room rental Landlords to register their sublets with the them. The deadline is 31st of July 2010.

HDB Info-web

Date issued : 15 Jul 2010

Flat owners who sublet their rooms are required to register with HDB. HDB would like to remind flat owners with ongoing subletting tenancies commencing before 1 Feb 2010 that the deadline to register the subletting with HDB is in two weeks’ time, on 31 July 2010.

Background

On 12 Jan 2010, HDB announced that with effect from 1 Feb 2010, flat owners who sublet rooms in their HDB flats will have to register with HDB within 7 days of doing so. They are also required to notify HDB when they renew or terminate their subletting contracts, and when there are changes to their subtenants’ particulars. There is no need to seek prior approval for subletting of rooms.

This requirement supports Ministry of Home Affairs (MHA)’s ongoing efforts to eradicate loansharking activities, and to better protect HDB residents. Currently, some people use their old addresses to borrow from loansharks while they rent a room in another HDB flat. As they have moved their place of residence without updating their addresses in their NRICs, innocent new flat occupants ended up being harassed by the loansharks while the borrowers are untraceable.

The new rule will allow HDB to capture particulars of those who rent rooms in the HDB flats. With information on the addresses of owners and subtenants, MHA will be able to trace the movement of borrowers.

The new rule applies to all new and existing cases of rooms sublets:

o For new cases of subletting from 1 Feb 2010, owners are required to register with HDB within 7 days from the start date of the subletting; and

o For subletting tenancies that commenced before 1 Feb 2010, owners are given a 6-month grace period from 1 Feb 2010 to register their subletting of rooms with HDB. The 6-month grace period will expire on 31 July 2010.

As at 30 June 2010, about 32,000 flat owners have registered their subletting of rooms with HDB. This includes those with tenancies commencing before and after 1 Feb 2010.

Register by 31 July 2010

Flat owners who sublet their rooms before 1 Feb 2010 are reminded that they have about 2 weeks to register their subletting. They are advised to register early to avoid a last minute rush. Registration can be done online at www.hdb.gov.sg or at the HDB Branch Offices, where HDB staff will be on hand to guide residents on the process.


Penalty For Non-compliance

HDB may impose a penalty on those who flout the rule. The penalty may involve a fine of up to $3,000 or for recalcitrant cases, compulsory acquisition of their flats.

Far East’s Skyline at Orchard Boulevard Previews

Far East’s most luxury brand, Inessence has launched Skyline at Orchard for private preview. Since Inessence is their creme de la creme and just like their other Inessence products, they sell white plans for Skyline at Orchard.

The Inessence Brand

Every Inessence residence shares four uncompromising qualities: the most prime of locations in and around the famous shopping and lifestyle destinations of Singapore, a unique design from a master architect, thoughtfulness in space and details, and unprecedented levels of personalisation and bespoke customisation.

What Are White Plans?

Blank plans. Or allow-yourself-to-custom-your-home plans. You have a choice to take their recommended layout, or with the help from their qualified people, ink your own layout based on your lifestyle. Not only in your layouts, you get to pick and customize the finishes and fittings.
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Orchard Scotts – Luxury Living in Anthony Road Orchard

Orchard Scotts is the winner of the FIABCI Prix d’Excellence 2009 (Residential Category). This makes Far East Organization the only developer in the world to win five FIABCI Prix d’Excellence Awards, the highest honour in international real estate.

Orchard Scotts

Orchard Scotts is a study in modernism by none other than the most cutting-edge artictectural firm in America; the highly acclaimed, award-winning Arquitectonica of Miami, Florida. The designer of such architectural gems as the The Atlantis, Beverly Hills Residences and The Westin New York at Times Square, Arquitectonica is recognised worldwide for its excellence and innovative design.

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Resale Home Prices Higher Than Previous Peak

Resale prices has shot up higher than its previous peak in 2007,

The latest price rises for this segment, dominated by upgraders, were relatively modest, but enough to push average prices past the previous high.

PRICES of private, leasehold resale homes have now shot past their previous peak in late 2007, according to a new report by property consultancy DTZ.

The latest price rises for this segment, dominated by upgraders, were relatively modest, but enough to push average prices past the previous high.

The more elite segment of landed resale homes saw the biggest price rises in the first quarter of the year to reach another new high while prime freehold prices edged nearer their previous peak.

more in The Straits Times

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Belle Vue Residences – Oxley Orchard Condominium

One of the last sizeable freehold sites in Orchard Road, Belle Vue is a collaborative effort by an award winning team led by world acclaimed Japanese architect Toyo Ito applauded for his organic geometries and sensitive interpretation of nature.

Through an intimate setting with nature, the units are planned in a manner that balances the best possible relative position to each other.

Belle Vue Residence – The nature enclave condominium in Oxley vicinity

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The Orchard Residences – Orchard Most Iconic Luxury Living

Imagine having coffee at Wheelock’s Place at the Coffee Club with a bunch of your friends when they’re having the usual conversation of where they’re staying or intending to move to.

“So where do you live?”

You point at the top of the most iconic and tallest building in Orchard. Everyone’s impressed.

The Orchard Residences - Above It All
The Orchard Residences - Above It All

Enter The Orchard Residences, Orchard’s most impressive and tallest (218 metres) architecture yet.

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HDB extends Second Concessionary Loan

HDB is also extending its hands for people with its second concessionary loan by allowing buyers who is downgrading, upgrading or buying flat of the same type to borrow.

Previously, only buyers who are upgrading their flats are allowed to borrow the second time directly from HDB. This might have unintentionally caused families who are not ready to upgrade their flats to do so.

Right Sizing the Quantum for the Second Concessionary Loan

HDB will reduce the quantum of the secondary concessionary loan by the full CPF proceeds and part of the cash proceeds from the sale of the existing or immediate past HDB.

Flat buyers can keep the greater of $25,000 or half of the cash proceed (including cash deposit received) and determine the quantum of the second loan to be granted.

50% of the cash proceeds (including deposit and cash over valuation) from the sale of the immediate past HDB flat and all of the CPF balance to finance the purchase of the next flat.

HDB will also be helping home owners who will be buying their next flat before selling their existing one by allowing them to apply for the second concessionary loan by granting them a bigger laon at commercial interest rates. The commercial interest rates are pegged to the 3-month average non-promotional interest rate for HDB flats offered by the 3 local banks.

They will redeem this loan with the full CPF refund from the sale of existing flat and part of the cash proceeds and will be reverted back to a concessionary rate loan.

HDB New Minimum Occupancy Period

The Government has released a series of anti-speculation measures to keep up with the private sales measure as to curb the rising cash-over-valuation (COV) syndrome that is making homes more unaffordable in the resale market.

Read the official release from HDB here


Raising the Minimum Occupancy Period (MOP) for the resale of non-subsidised HDB flats from 1 and 2.5 years to 3 years

The objective is to reinforce owner-occupancy.

Currently, lessees of subsidized HDB flats are subject to an MOP of 5 years and will still remain the same. On the other hand, lessees of non-subsidised HDB flats i.e. resale flats bought without CPF Housing Grant are subjected to the old MOP of

  1. Those who takes an HDB concessionary loan – 2.5 years
  2. Those who takes a bank loan or do not take a loan – 1 year

The newly revised MOP for resale of non-subsidised flats will be increased to 3 years, regardless of whether the buyer takes an HDB loan, a bank loan or no loan at all.

This new policy will apply to resale transactions where applications are received by HDB from 5th March 2010 (immediate) onwards.