Updated: 05/03/2014 02:00

HDB to double grace period for assigning commercial and industrial tenancies



HDB to double grace period for assigning commercial and industrial tenancies

The Housing Development Board will tweak the policy on assignment of their commercial and industrial properties. 

This was revealed in a blog post by National Development Minister Khaw Boon Wan. 

Since October last year, HDB commercial and industrial tenants were no longer allowed to transfer their tenancies. 

HDB gave existing tenants a 3-year grace period to adjust to this rule. 

But with the tweak, commercial and industrial tenants who've been HDB tenants for at least 15 years will have an extended 6-year assignment grace period. 

This will benefit about 40 per cent of commercial and industrial tenants, of whom 77 per cent are aged 55 years and above. 

Writing on his blog, Mr Khaw explained that some tenants who've been operating out of the same premises for many years had asked for a longer grace period, to give them more time to make business adjustments. 

A significant proportion of them will be retiring in a few years time, or would be near retirement then. 

Mr Khaw said the concession is a good way to recognise their years of serving the local community. 

He hopes the extended grace period would better help them make the necessary business adjustments to dovetail with their retirement plans.

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