SINGAPORE: As of June 30, 12,656 households had sold the Housing Development Board (HDB) a portion of their remaining lease; of these, nine out of ten received between S$100,000 (US$75,500) and S$300,000.
According to a Tuesday HDB update, slightly more than half of those who enrolled in the Lease Buyback Scheme (LBS) reside in apartments with three rooms or fewer.
The program was initially launched in 2009 to assist seniors in selling their apartments to pay for their retirement. It allows seniors who live in all types of apartments to choose to keep lease lengths ranging from 15 to 35 years, depending on their needs and age, and to sell a portion of the lease back to HDB.
The money raised will be used to purchase a CPF LIFE plan, which will give them a lifetime of monthly income, and to top off their Central Provident Fund (CPF) retirement account. Following the top-up, any remaining balance will be refunded to them in cash.
Over the previous five years, the annual take-up rate has stayed constant at about 1,680 households, according to HDB.
Also Read:
President Tharman Will Share Leadership of the World Bank’s new Jobs Advisory Council
Kitefoiler Max Maeder, Singapore’s First Olympic Medallist in Eight Years, Took Home a Bronze
