About half the households which monetised their flats through the scheme live in three-room or smaller flats.
SINGAPORE - The vast majority of households which have opted for the Housing Board’s Lease Buyback Scheme received between $100,000 and $300,000 in proceeds for selling part of their flat’s lease back to HDB.
Launched in 2009, the LBS allows those aged 65 and older to supplement their retirement income by selling part of their flat’s lease back to HDB. Households can choose to retain lease lengths from 15 to 35 years , as long as the remaining lease covers the flat’s youngest owner until the age of 95. “The scheme benefits seniors who know they want to live in the same home until their final days and may need help to boost their retirement income. Some of them may not have been able to top up their CPF Retirement Accounts, especially as many have tapped their CPF to fund their housing,” Prof Sing said.
Mr Ramli Daud received about $216,000 in proceeds for selling part of his flat’s lease back to HDB in February. ST PHOTO: ARIFFIN JAMAR
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