Written Answer by Ministry of National Development on amount refunded to lessees who returned their flats to HDB and received a refund of the value of the unused portion of the lease, since the introduction of the Lease Buyback Scheme
May 10, 2021
Mr Gan Thiam Poh: To ask the Minister for National Development since the introduction of the Lease Buyback Scheme, what amount has been refunded to lessees who returned their flats to HDB and received a refund of the value of the unused portion of the lease by (i) room type and (ii) balance of lease.
Answer:
Seniors who participated in the Lease Buyback Scheme (LBS) may return the flat early to HDB under certain circumstances, e.g. moving in to stay with family for mutual care and support or demise, and receive compensation based on the value of the remaining lease. The median amount received by such seniors since the introduction of the LBS scheme, broken down by flat type and remaining lease, is shown in Tables 1 and 2 respectively.
Table 1: Breakdown of compensation by flat type
|
Flat type
|
3-room and smaller
|
4-room
|
5-room and bigger
|
|
Median amount
|
$135,150
|
$175,000
|
$297,950
|
Table 2: Breakdown of compensation by remaining lease
|
Remaining
lease
|
0 - 10
years
|
>10 - 20 years
|
> 20 - 30 years
|
> 30 - 35 years
|
|
Median amount
|
$18,800
|
$121,800
|
$146,800
|
$178,600
|
Note: 3-room flats made up the majority (87%) of the transactions as the LBS scheme was only extended to 4-room and 5-room flats in 2015 and 2019 respectively.