National Development Minister Khaw Boon Wan announced that his ministry will review the Lease Buyback Scheme to include four- and five-room flats.
The scheme aims to help lower-income senior citizens in their retirement years, since downgrading may not be feasible due to the high cash-over-valuation (COV) of three-room flats.
He explained that the scheme is a useful option for elderly leaseholders of three-room or smaller HDB flats to unlock the value of their flats. Meanwhile, leaseholders of bigger flats have better options, as they can sublet a portion of their flats or move into smaller flats.
Those who opt to acquire a smaller flat should be able to pay for the unit with net proceeds for their retirement needs.
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