Written Answer by Ministry of National Development on helping homeowners having difficulties reselling their older HDB flats

May 8, 2017

Ms Foo Mee Har: To ask the Minister for National Development whether HDB will consider offering schemes to help owners of older HDB flats who may find it hard to resell their homes to new buyers as buyers avoid the risks of owning a home with a short remaining lease.

Answer:

Owners of older HDB flats are generally able to sell their flats in the resale market today. Potential buyers of HDB resale flats come from a wide spectrum of life stages and circumstances, and have different housing needs. There is still demand for older flats, including from elderly buyers who are right-sizing, as well as families who are not yet ready to commit to a longer lease. Older flats are also attractive to some buyers, as they are usually located in more central locations and served by established amenities.

In addition, there are other monetisation options for elderly flat owners to unlock the value of their flats without selling them. These options include subletting a spare bedroom or whole flat, or applying for the Lease Buyback Scheme.