13-12-2023, 09:43 PM
A crafty property investor came up with a “foolproof” scheme – buy a new public housing unit, rope in a dodgy estate agent and then blatantly ignore HDB rules to rent it all out. What could possibly go wrong?
Pretty much everything, as it happens, even though it does provide the rest of us with a fine example of penny wise pound foolish behaviour.
The owner of the five-room HDB flat thought he could circumvent the Housing Board’s minimum occupation period (MOP), which is five years for most flats, because he found a real estate agent willing to go the extra mile.
The rogue agent even submitted a false tenancy agreement to try to cover up the deed.
But the ruse was exposed barely a month after the tenants moved in, and the guilty parties faced severe consequences – the owner’s flat was re-possessed by the HDB while the rogue agent was fined and suspended by the Council for Estate Agencies (CEA).
More at http://tinyurl.com/2c8djtkc
Pretty much everything, as it happens, even though it does provide the rest of us with a fine example of penny wise pound foolish behaviour.
The owner of the five-room HDB flat thought he could circumvent the Housing Board’s minimum occupation period (MOP), which is five years for most flats, because he found a real estate agent willing to go the extra mile.
The rogue agent even submitted a false tenancy agreement to try to cover up the deed.
But the ruse was exposed barely a month after the tenants moved in, and the guilty parties faced severe consequences – the owner’s flat was re-possessed by the HDB while the rogue agent was fined and suspended by the Council for Estate Agencies (CEA).
More at http://tinyurl.com/2c8djtkc