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SINGAPORE – Flat owners may have their flats seized by the Housing Board (HDB) if they intentionally make misleading or false statements when transferring flat ownership, following changes to a law that Parliament passed on Tuesday (Oct 6).
Currently, such compulsory acquisition is allowed only when flat owners deliberately make misleading or false statements for the purchase of flats, and not for the transfer of flat ownership.
Another change made to the Housing and Development Act will allow approved banks to pledge property loans involving HDB flats as collateral for liquidity from the Monetary Authority of Singapore (MAS).
This is part of a pre-emptive move announced by the MAS in September when it launched a Singapore-dollar term facility to provide liquidity to local banks through the inclusion of a wider range of collateral.
This allows banks and finance companies in Singapore to gain access to more funds if they run into liquidity problems due to the Covid-19 pandemic.
Presenting the Bill for debate, Minister for National Development Desmond Lee assured HDB flat owners that they will not be “adversely impacted” in any way.
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