Long-time HDB tenants get extended grace period

ST_02.05.2014_1412262670/cyhdb03/Mark Cheong/Charissa // Furniture shopkeeper Chen Foon Kee, 66, is one of 7,100 HDB long-time shop tenants who will benefit from a longer grace period announced yesterday. Since October last year, HDB has restricted business owners from transferring their rental premises to others, phasing out the cash incentive they would receive for doing so which has been jacking up property prices. But tenants who have been HDB tenants for at least 15 years yesterday had their grace period for this change doubled from 3 years to 6 years.

A RECENT rule to curb speculation in the Housing Board commercial and industrial rental market has been effective so far, and the authorities are extending a concession to long-time tenants.

Last October, the Housing and Development Board (HDB) banned new tenants from transferring such rental premises for a cash premium, known as an assignment fee.