The number of applications for the Lease Buyback Scheme (LBS) has increased when it was enhanced in April this year, compared to the previous enhancement in February 2013, announced the Housing & Development Board on Friday (Jun 12).
In a media factsheet, HDB also said that 450 LBS applications were received in the first two months after the enhancements kicked in. The enhancements included an extension to cover 4-room flats.
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Of the 450, 214 or close to half of applicants are 4-room flat owners. The other half, or 236 applicants, come from those who own 3-room or smaller flats, and the remaining comes from those with monthly income exceeding S$3,000, who are now covered under the enhancement.
During the last round of enhancements in February 2013, HDB received 127 applications in the first month, and 83 in the second month, it said.
HDB added that it has observed stronger interest in LBS, with a three-fold increase in enquiries and feedback – to more than 900 – received on the monetisation scheme monthly following the enhancement in April. Previously, HDB saw 270 enquiries and feedback in a typical month, it said.
Introduced in March 2009, the scheme allows elderly home owners to “unlock” part of their housing equity while continue living in their homes, and receiving a lifelong income stream to supplement their retirement income.
Source : Channel NewsAsia – 12 Jun 2015