HDB Lease Buyback Parliamentary Discussions

HDB
 
There's been a lot of talk since the National Day rally about retirement funding and how the HDB's Lease BuyBack scheme can help provide retirees with financing options. As such we think that it's timely to show you what has been discussed within parliament about the Lease BuyBack Scheme to give you a better idea of how it has been utilized by Singaporeans.
 
Filed in August 2014: Dr Intan Azura Mokhtar: To ask the Minister for National Development: 
 
(a) How many Singaporeans aged 55 years and above currently live in 3-room, 4-room and 5-room flats respectively; 
 
(b) Out of these, how many in each flat type is considered as lower-income elderly; and 
 
(c) Since the Enhanced Lease Buyback Scheme's introduction in February 2013, how many lower-income elderly Singaporeans have come on board the scheme. 
 
Answer: 
 
There are about 367,000 households with at least one Singaporean flat owner aged 55 years old and above, living in 3-room, 4-room and 5-room flats. Of these households, 32% are 3-room flats, 44%, 4-room flats, and 24%, 5-room flats. 
 
2. As we do not require the flat owners to update their income, HDB does not have the income information requested by the Member. 
 
3. Since we enhanced the Lease Buyback Scheme in February 2013, 326 households have joined the scheme.
 
Filed in July 2014: Assoc Prof Fatimah Lateef: To ask the Minister for National Development: 
 
(a) How many seniors have opted for the Silver Housing Bonus and Lease Buyback Scheme over the last two years; and 
 
(b) How many of them have been able to meet the CPF Minimum Sum threshold with the top-up available. 
 
Answer: 
 
Since its implementation in February 2013, 80 households have received the Silver Housing Bonus of up to $20,000 in cash, when they moved to a smaller flat and topped up their CPF Retirement Accounts. Of the 120 seniors in these households, 110 met their cohort Minimum Sum after the top-up. 
 
2. Since the Lease Buyback Scheme was enhanced in February 2013, 312 households have benefited by selling their tail-end lease to HDB for net proceeds to top up their CPF Retirement Accounts. Of the 412 seniors in these households, 399 met their cohort Minimum Sum after the top-up. 
 
3. Both schemes are helpful for seniors who wish to tap on their HDB flat to enhance their retirement income. We will continue to reach out to seniors so that they know about these options.
 
We've also included a PQ about HDB leases because it is relevant to the HDB LeaseBuy Back scheme.
 
Filed in January 2014 Mr Gerald Giam Yean Song: To ask the Minister for National Development (a) how many HDB blocks are more than 40 years into their 99-year lease; (b) what will be the value of an HDB flat once it reaches the end of its 99-year lease; (c) what is the average number of flats undergoing redevelopment under the Selective En Bloc Redevelopment Scheme (SERS) each year for the past 10 years; and (d) whether the pace of SERS is fast enough to redevelop all HDB blocks before they reach the end of their lease. 
 
Answer:
 
1. The Selective En bloc Redevelopment Scheme (SERS) is part of the Government’s estate renewal strategy for older estates. It allows intensification of land use and revitalises such estates through new developments. At the same time, it offers an opportunity for flat owners to buy a new replacement flat with a fresh 99 year lease. 
 
2. In the last 10 years, SERS has benefitted the owners of about 18,000 flats. As the name suggests, the identification of suitable precincts for SERS is selective. The selection of sites and pace of SERS will depend on factors such as their redevelopment potential, and the availability of replacement sites for rehousing and other resources. 
 
3. Currently, there are about 300 HDB blocks with 31,000 flats which are more than 40 years into their 99-year flat leases. 
 
4. Like all leasehold properties, HDB flats will revert to HDB, the landowner, upon expiry of their leases. HDB will in turn surrender the land to the State.
 
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