The vast majority of households which have opted for the Housing Board’s Lease Buyback Scheme (LBS) received between $100,000 and $300,000 in proceeds for selling part of their flat’s lease back to HDB. This was the case for more than 90 per cent of the 12,656...
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. In its statement, HDB said just over half of the households which took up the LBS live in three-room or smaller flats. While take-up for the LBS has remained low over the years, Prof Sing said it could increase in a few years, as one in four Singaporeans will meet the scheme’s age requirement of 65 and older by 2030. Currently, that figure is about one in five.
Mr Ramli, who is single and has no children, kept 30 years’ lease on his flat, where he has lived for the past 23 years.
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