The government is looking into ways to make it easier for retirees to monetise their flats, Prime Minister Lee Hsien Loong said in his National Day Message on 8 August.
Acknowledging Singapore’s ageing population, PM Lee said seniors need to be assured they can retire happily, and most of them fund their retirement through their HDB flats and CPF savings.
“The HDB flat has allowed Singaporeans to build a home, and to grow a valuable nest egg for old age. Your flat is an asset which appreciates as Singapore prospers. My team is studying how to make it more convenient for retirees to get cash out of your flats, in a prudent and sustainable way,” PM Lee said.
At the National Day Rally on 17 August, PM Lee will talk about how the CPF scheme can be improved to help citizens save for old age.
He added Singapore’s physical infrastructure will be made even better to give Singaporeans a good home to live, work and raise families.
“We are beautifying our heartlands and public spaces in new towns across Singapore. We are building amenities for everyone to enjoy, like the new Sports Hub, and the restored Victoria Theatre and Concert Hall. We are conserving our blue waters and green spaces, like in Pulau Ubin. We will take full advantage of technology to transform ourselves into an IT City, a Smart Nation,” he said.
Watch PM Lee’s National Day Message in full here:
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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