HDB announces changes to its tenancy policies
HDB says it will disallow the assignment of both commercial and industrial tenanted properties to weed out rising assignment fees and unhealthy speculation.
Currently, commercial and industrial tenants in HDB properties are allowed to assign their tenancies.
This policy was to facilitate the exit of marginal tenants and to minimise disruption of services.
But HDB says in recent years, it has seen an upward trend in the average assignment fee and tendered rent.
For new tenancies, assignment will not be allowed with effect from this Wednesday.
These tenants must return the premises to HDB for re-tender if they wish to exit their businesses.
For existing tenancies, a 3-year window period will be given to help existing tenants make business adjustments.
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