Residential
More seniors eligible for Lease Buyback
According to Minister for National Development Khaw Boon Wan, the government is looking into making the Lease Buyback scheme more flexible. Previously, 35 per cent of elderly HDB households benefit from the Lease Buyback scheme, but with recent revisions, an expected 75 per cent of elderly HDB households will be eligible for the scheme. The revised scheme will take effect from April next year and aims to increase the flexibility on the length of lease to retain and the amount of proceeds to be used to top up the Central Provident Fund. Minister Khaw expects more households to take-up the scheme with the revisions implemented. However, Minister Khaw said that some residents he spoke to said they will not join the scheme now as they are still being supported by their children or have other forms of passive income. According to the Business ...