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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