Written Answer by Ministry of National Development on Extending Lease Buyback Scheme to 5-Room HDB Flats
Jul 9, 2018 16:25
Mr Kwek Hian Chuan Henry asked the Minister for National Development whether HDB will consider extending the lease buyback scheme to 5-room HDB flats given the current difficulty some residents face in selling their flats in mature estates.
The Lease Buyback Scheme (LBS) was first introduced in 2009 as a monetisation scheme for low-income elderly living in 3-room or smaller flats, as these households have limited monetisation options compared to households in larger flat types. With the extension to 4-room flats in 2015, many more households are now eligible.
Elderly households in 5-room flats currently have several monetisation options. They can either rent out a room, or the entire flat and move in with their family members. They can also right-size to a smaller flat. If they right-size to a 2- or 3-room flat, they may also apply for the Silver Housing Bonus.
MND and HDB are committed to providing elderly flat owners with various monetisation options to suit their retirement needs. We will continue to monitor the situation and consider the need to extend existing monetisation schemes.