More than 20 households who live in five-room and larger flats sold the tail end of their unit's lease back to the Housing and Development Board (HDB) in the first quarter of this year under the Lease Buyback Scheme (LBS), said the Housing and Development Board (HDB). In response to queries from CNA, the board said it received more than 200 LBS applications from owners of these bigger flats between Jan...
The details of the Lease Buyback Scheme's (LBS) extension to all flats should be ready by early 2019, Minister for National Development Lawrence Wong said on Friday (Nov 16). The announcement that the LBS would be extended to cover five-room and larger flats was made in August this year. Under the LBS, flat owners aged 65 and above who meet several other criteria can sell part of their flat's lease...
Two trends are reshaping Singapore’s housing landscape. Today, almost 1 in 6 Singapore resident is 65 or older. That’s 548,000 senior citizens. By 2030, every 1 in 4 residents will be 65 and above – residents who might want to unlock the value of their homes for retirement income or downgrade to a smaller house after their children have moved out. Rising singlehood is the second...
About 3,100 households have taken up the Lease Buyback Scheme (LBS) since its introduction in March 2009, said National Development Minister Lawrence Wong in Parliament on Monday (Oct 1). Giving a breakdown, he said this comprises 830 households in four-room flats, 2,030 households in three-room flats, and the remaining 240 households in smaller flats. Mr Wong was responding to Members of...
The Lease Buyback Scheme will be extended to all Housing and Development Board (HDB) flats, including five-room and larger flats, National Development Minister Lawrence Wong announced on Monday (Aug 20). The Lease Buyback Scheme allows elderly flat owners to sell part of their remaining lease to HDB. It was originally applicable to four-room or smaller flats. In a blog post following Prime Minister...
Five hundred and forty-one households have taken up Housing and Development Board’s Lease Buyback Scheme within a year of enhancements, with 233 households owners of four-room flats. HDB noted that this annual take-up had more than doubled compared to previous years. Since the launch of the scheme in 2009, 471 households signed up in the first four years - averaging at about 117 annually. A further...
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...
The Housing and Development Board (HDB) says it has received more than 2,000 enquiries on the improved Lease Buyback Scheme as of mid-March this year as enhancements to the scheme kicked in on Wednesday (Apr 1). Under the scheme, flat owners are allowed to sell part of their lease back to the Government to generate retirement income. The scheme, first announced last September, includes four key...
Within three weeks of changes being announced to the Lease Buyback Scheme on Sep 3, the Housing and Development Board (HDB) received 500 queries, almost thrice the number they receive in a typical month. The Lease Buyback Scheme allows eligible seniors to retain part of the lease on their HDB flat, and sell the remainder back to HDB for retirement income. HDB says it has about 250 officers who are able...
While the majority of Singaporeans own their homes, quite a number of them, especially among the retirees, are asset-rich but cash-poor. And their numbers are growing with our rapidly ageing population. Unless these retirees have other sources of income or can count on the financial support provided by their children, they will have to find ways to monetise the value of their homes. Downgrading is...
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