Written Answer by Ministry of National Development on Lease Buyback Scheme

Jan 8, 2018

Mr Gan Thiam Poh: To ask the Minister for National Development 

(a) to date, what has been the number of successful applications for the lease buyback scheme since its launch;

(b) whether the payouts have been affected by the falling HDB resale prices and rental income; and

(c) what has been the average payout for each applicant?

Answer:

The Lease Buyback Scheme (LBS) was implemented on 1 Mar 2009. As at 30 Nov 2017, about 2,500 households have taken up the scheme.

The LBS proceeds for each household is dependent on the market value of the flat at the time of application. Specifically, the LBS proceeds are the market value of the flat with its full remaining lease, minus the value of the lease retained by the household and any outstanding monies due to HDB.

The average LBS proceeds among the households who have benefited from the scheme to date is about $146,000.