24 Jan '12, 7am

More subletting HDB flats

More subletting HDB flats

SINGAPORE: The number of Housing & Development Board (HDB) flats being sublet has more than tripled in the past five years. The reasons include the relaxation of subletting rules, and an increase in foreigners. With more HDB home-owners using their flats to earn rental income, some analysts are concerned this will lead to a shortage of supply in the resale market. The number of HDB flats on the rental market has shot up from about 12,500 in 2006 to 40,026 in 2011. Previously, flat owners could only lease out their flats if they could show proof they had been living overseas for a certain period of time. Since 2003, the HDB has gradually brought down the minimum occupation period (MOP) after which owners can sublet their flats. Currently, the MOP is five years for both new and resale flats, regardless of whether they are bought with a government grant. The units can now be ...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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