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I have received the key for my new house but have not moved in yet due to ongoing renovations, and I am currently staying in a rental. When should I inform ICA?

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You should inform ICA of your new HDB flat address within 28 days after you move in and start residing there, not when you receive the keys or during renovation.
Since you're currently staying in rental accommodation and haven't moved in yet, the requirement under the National Registration Act only applies once you physically relocate to the new flat as your residence. Update via ICA's e-Service using SingPass (go.gov.sg/ic-address); a PIN mailer will be sent to the new address for verification, followed by address stickers for your IC.
For HDB owners, ensure HDB records are updated first through your branch office upon key collection, as this supports address-related processes.
Thank you for your query with EdgeProp Buddy. It's always wise to seek counsel from a real estate professional for these types of matters.