Tag Archives: Housing Development Board

Lease Buyback: Nod for 82 out of 409 applications

Posted on 16 Sep 2009 | Comments Off on Lease Buyback: Nod for 82 out of 409 applications

THE Housing Board has so far approved 82 applications out of 409 received for its Lease Buyback scheme.

Some applicants have been asked to delay their application while a small percentage have been rejected as they do not meet the criteria.

National Development Minister Mah Bow Tan gave the update – the figures are up to the end of last month – in a written reply released yesterday.

Mr Mah was responding to Nominated MP Terry Lee, who asked about the public response to the scheme and how many applicants were rejected.

Under the scheme introduced in March, the HDB will buy back the tail-end of a flat’s lease at market rate, leaving a 30-year lease for the household.

It pays market valuation for the lease and this money goes to the new CPF Life annuity scheme in the flat owner’s name. A $10,000 subsidy is also given – half in cash and half into CPF Life.

Mr Mah noted that there is plenty of interest in the scheme, with the HDB receiving more than 2,000 queries. Continue reading →

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HDB to review if target group for Lease Buyback Scheme needs to be expanded

Posted on 15 Sep 2009 | Comments Off on HDB to review if target group for Lease Buyback Scheme needs to be expanded

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 said the HDB has received more than 2,000 queries, showing good interest in the scheme.

Out of the 409 applications as at end August, 82 have been approved and these applicants have received their upfront payout of S$5,000 and they will receive an average monthly S$570.

Seven per cent of the applications were rejected – most of these applicants had either enjoyed more than one housing subsidy, or had previously owned bigger flats or properties.

Another 17 per cent of applicants have been asked to delay their application till upgrading in their blocks or estates have been completed, to ensure a clear valuation on their flats.

Mr Mah said that in the meantime, the HDB will consider appeals on a case-by-case basis.

Source : Channel NewsAsia – 15 Sep 2009

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