BY VICTORIA BARKER

THE new property rules introduced by the Government are intended to give first-time buyers "first crack" at the market by reinforcing the use of a Housing Board (HDB) flat as being for long-term occupation rather than a mode of investment, said National Development Minister Mah Bow Tan yesterday.

Responding to questions from Non-Constituency MP Sylvia Lim and Mr Lim Biow Chuan (Marine Parade GRC), Mr Mah said: "If you already own a private property, then, please don't, at this point of time, compete with others to buy HDB resale (flats) unless you're genuinely downgrading."

Under the new rules, buyers of non-subsidised HDB flats can no longer have concurrent ownership of both a private residential property as well as the flat within the Minimum Occupation Period of five years.

Mr Mah said that though the rules may inconvenience or disadvantage some demographics - such as some retirees and genuine upgraders - they would ultimately encourage buyers to be more prudent.

vbarker@sph.com.sg

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