HDB flat owners may risk having their flats seized by HDB if they intentionally make misleading or false statements when transferring flat ownership, following legislative changes that Parliament passed yesterday.
The compulsory acquisition currently applies when flat owners intentionally make misleading or false statements for the purchase of flats. Hence this serves to close off any loopholes as some home owners may also own overseas properties or intend to decouple to avoid the hefty ABSD.
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).