Can’t sell your flat because the Ethnic Integration Policy quota has been reached? No worries. A new option is now available.
HDB will offer to buy back public housing flats from owners who face difficulties selling them due to the Ethnic Integration Policy (EIP) quotas. The new measure was announced by National Development Minister Desmond Lee in Parliament on March 8.
The Government has been helping families that are EIP-constrained in different ways. This includes giving them more time to sell their flats and even waiving the EIP limits in exceptional circumstances.
However, Minister Desmond Lee said that the EIP remains very relevant to foster a cohesive society. Hence, it is not sustainable to keep waiving the EIP limits, because this would erode the very objectives that the EIP seeks to achieve.
The government has therefore decided to offer assistance to EIP-constrained households who face genuine difficulties in selling their HDB flats. HDB will buy back their flats on a case-by-case basis.
This buyback assistance will be offered to those who have owned their homes for at least 10 years. EIP constrained flat owners must also show that they have genuinely tried to market their flats at reasonable price
“In assessing households for buyback assistance, we will consider the household’s specific circumstances, including how long the household has been EIP-constrained, and whether they have marketed their flats consistently at reasonable prices. If HDB assesses that the conditions have been met, it will appoint a professional licensed valuer to perform a valuation and HDB will make a fair offer, so that the household is not unduly disadvantaged due to EIP,” said Mr Lee.
“This is not a decision that we make lightly, because it requires significant Government resources. But we believe it is the right thing to do, because the EIP benefits all of us and helps to foster a more cohesive society,” he added.