12 Jul '11, 3am

IM$avvy Info Hub: No wedding, no flat, but DBSS buyer has to pay $120,000 penalty #Singapore #property #news

SINGAPORE - A buyer who purchased a flat under the Housing and Development Board's (HDB) Design, Build and Sell Scheme (DBSS) with her fiancé two years ago, now has to pay a painful penalty after calling off their wedding. The penalty amounts to a hefty 20 per cent - or over $120,000 - of the purchase price of $610,000. This is four times the five-per-cent penalty payable for the Build-To-Order (BTO) flats. The Straits Times reported that Ms W L Teoh, 29, signed for the five-room flat in Ang Mo Kio with her fiancé two years ago, but the wedding was called off soon after. With the wedding called off, they were made ineligible for the flat that they had signed up for. HDB's Fiancé/Fiancée scheme states that an engaged couple must produce a wedding certificate three months after taking possession of a flat. Ms Teoh told The Straits Times: 'When we decided not to go ahead with...

Full article: http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid=...

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