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Property News08 Mar 2019

HDB to relax rules on CPF use for purchase of older flats; will take effect in May

BP HDB 070319 62 0

SINGAPORE's National Development Minister Lawrence Wong said in Parliament on Thursday morning that his ministry is working out details on relaxing Central Provident Fund (CPF) loan rules on the purchase of older Housing Board resale flats, and will announce them soon for implementation in May this year.

One issue is CPF rules, specifically the restriction in CPF usage for flats with less than 60 years of lease remaining, Mr Wong said.

Some banks also take reference from these restrictions when assessing how much loan to extend. As a result, both CPF and loan quantums are reduced for the purchase of such older flats, he said.

"The CPF rule is intended to safeguard the retirement adequacy of buyers who purchase older flats, but its design has led to some unintended consequences. For example, a buyer of a 39-year-old flat can use full CPF; but just a year later, and the amount of CPF will be restricted.

"And there's no good reason why this should be so just because the flat became a year older," Mr Wong pointed out.

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Property News 21 March
Boulevard 88 sells 20 units during previews, mostly four-bedroom units

HIGH-END freehold project Boulevard 88 in prime district 10 has sold 20 of the 25 units released so far, with most of the units sold being four bedroom apartments. Sales for the 20 units totalled over S$160 million, while the average selling price worked out to S$3,550 per square foot.

Property News 21 March
Terminated hotel deal a setback for Oxley's deleveraging plans
AGGRESSIVELY geared Oxley Holdings will find it harder to keep to its stated deleveraging schedule after a planned S$950 million sale of two Stevens Road hotels fell though.
Property News 20 March
Two freehold redevelopment sites off Lavender Street up for sale
TWO freehold redevelopment sites located off Lavender Street are up for sale by public tender, with indicative prices for 2 Cavan Road at S$47.4 million and 21 Cavan Road at S$12.6 million, joint marketing agents CBRE and HRL Properties said on Tuesday.
Property News 19 March
SRX congratulates PropNex on their successful 2019 Business Conference. All our best wishes for a successful 2019!
SRX congratulates PropNex on their successful 2019 Business Conference. All our best wishes for a successful 2019!

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