09 Jul '11, 1pm

(TTR) Singaporean couple to pay $120,000 penalty for backing out of DBSS project

A Singaporean couple has to pay a shocking $120,000 penalty for backing out of a DBSS flat bought in Ang Mo Kio. 29 year old marketing manager Ms Teoh first signed up for a five-room DBSS unit two years ago with her fiance at a purchase price of $610,000. However they broke up shortly which make them automatically ineligible for the DBSS flat they bought. Unlike private properties, Ms Teoh is not allowed to resell the flat to another buyer under HDB regulations. Though she was offered a chance to purchase the flat under a different scheme, both her parents were no longer eligible leaving her with no choice but to pay the penalty. Under the HDB’s Fiance/Fiancee scheme, engaged couples can buy new HDB flats, including DBSS units, but must produce a marriage certificate within three months of taking possession of the flat. ‘When we decided not to go ahead with the marriage du...

Full article: http://www.temasekreview.com/2011/07/09/singaporean-coupl...

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