Since 2020, the yearly take-up of the scheme has “remained steady at around 1,500 households”. Read more at straitstimes.com.
with nearly 70 per cent of them receiving between $100,000 to $200,000 for selling part of their remaining flat leases to the board.
Under the lease buyback scheme which was launched in 2009, those aged 65 and older can sell part of their flat’s lease back to HDB, while retaining lease lengths from 15 to 35 years, in five-year increments. Sunday’s update by HDB comes on the back of a two-day debate on public housing policies in Parliament, in which retirement adequacy was among the issues that MPs raised when airing their views on housing affordability.
In addition to the proceeds from selling part of their remaining leases, those who topped up their CPF retirement account with these proceeds were also eligible for a lease buyback scheme bonus of $7,500 to $30,000, depending on their flat type and top up amount, said HDB. Booking exercises for about 71 per cent of these units have been completed as at December 2022, while selection exercises for the remaining units are ongoing, said HDB.
For those in short-lease flats, 40-year leases were the most popular, with 30 per cent choosing them. About 27 per cent went for 35-year leases, 17 per cent for 30-year leases, and 14 per cent for 45-year leases. The remaining 11 per cent went for 15- to 25-year leases.
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