Under the Lease Buyback Scheme (LBS), the value of the flat’s lease is determined from the market value of the flat, based on industry-accepted standards and valuation practice, Minister for National Development Khaw Boon Wan said in Parliament on Monday (Sep 8). Responding to a question from MP Foo Mee Har, who asked how HDB determines the value of the lease under the scheme, Mr Khaw said: “The...
Lease Buyback Scheme
Starting April next year, elderly flat owners keen to take up the Lease Buyback Scheme will have the flexibility to choose the length of lease they want to retain, depending on their age and preferences, instead of being limited to a standard 30-year lease currently. Those aged 70 to 74 will have the option of a 25-year lease, while those aged 75 to 79 will have the option of a 20-year lease, and those...
The government is looking at introducing greater flexibility to the Lease Buyback Scheme, and this could include extending or shortening the number of years of flat leases participants of the scheme can retain. National Development Minister and MP for Sembawang GRC, Mr Khaw Boon Wan said this during his constituency's post-National Day Rally dialogue on Sunday morning (Aug 31). Currently, seniors on the...
"Last year, I was your real estate agent. This year, the real estate market is no good, I have upgraded myself, I have become a financial planner," quipped Prime Minister Lee as he spoke on retirement adequacy for Singaporeans in his National Day Rally on Sunday (Aug 17). Mr Lee says Singapore has good schemes to provide assurance in retirement - namely through the Central Provident Fund (CPF) and home...
Authorities have announced plans to raise the cash bonuses of two housing monetisation schemes for the elderly in response to public feedback. The latest changes to the Silver Housing Bonus (SHB) and Lease Buyback Scheme (LBS) will see households having to put less of their flat's sale proceeds into their Central Provident Fund (CPF) accounts - a national pension scheme. They will in return receive more...
The phrase "asset rich, cash poor" is a common refrain in Singapore. But property watchers said schemes aimed at helping elderly Singaporeans unlock the value of their homes, are slow to find favour. That's because the schemes are either too restrictive, or not well understood. The Lease Buyback Scheme was introduced in March 2009 to help low-income elderly living in 3-room and smaller flats unlock the...
National Development Minister Khaw Boon Wan said his Ministry is prepared to review the Lease Buyback Scheme to include four- and five-room flats. This is to help lower-income senior citizens in their retirement years as downgrading may not be viable due to the high cash-over-valuation of three-room flats. He was responding to a suggestion from MP Zaqy Mohammad in Parliament. Mr Khaw explained that the...
The Housing and Development Board (HDB) has received 552 applications so far for its Lease Buyback Scheme. The scheme was launched in March 2009 to help the elderly in three-room or smaller flats unlock their housing equity to meet their retirement needs by selling their HDB flats to the government for cash. Parliamentary Secretary for National Development Mohamad Maliki Osman told Parliament on...
The Lease Buyback Scheme will be enhanced starting April 1 to include elderly households who previously owned four-room or bigger flats. It was launched a year ago to help elderly household owners currently living in three-room and smaller flats unlock the value of their homes. Under the scheme, the elderly will continue to live in their homes, but sell the tail-end of their lease back to the government...
The Housing and Development Board (HDB) will review whether the target group for the Lease Buyback Scheme needs to be expanded. The Scheme, launched in March this year, allows low-income elderly living in smaller flats (2- and 3-room flats) to sell the remaining leases to the government in return for annuities. In a written response to a question in Parliament, National Development Minister Mah Bow Tan...