{"id":106879,"date":"2019-05-06T12:26:16","date_gmt":"2019-05-06T05:26:16","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/over-20-households-residing-in-bigger-flats-sold-part-of-lease-to-hdb-in-q1-2019\/"},"modified":"2019-05-06T13:05:08","modified_gmt":"2019-05-06T06:05:08","slug":"over-20-households-residing-in-bigger-flats-sold-part-of-lease-to-hdb-in-q1-2019","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/over-20-households-residing-in-bigger-flats-sold-part-of-lease-to-hdb-in-q1-2019\/","title":{"rendered":"Over 20 Households Residing In Bigger Flats Sold Part Of Lease To HDB In Q1 2019"},"content":{"rendered":"


\nFrom 1 January to 31 March, HDB received over 200 LBS applications from owners of such larger units after the scheme was extended to them at the start of this year.
\nThe Housing and Development Board (HDB) revealed that over 20 households living in five-room and bigger flats have sold part of their unit\u2019s lease back to the board under the Lease Buyback Scheme during the first quarter of 2019, reported Channel News Asia.
\nFrom 1 January to 31 March, HDB received over 200 LBS applications from owners of such larger units after the scheme was extended to them at the start of this year.
\nThe extension saw around 34,000 households becoming eligible for the scheme, taking the total number of households eligible for LBS to around 130,000.
\nALSO READ:\u00a0A Guide To HDB\u2019s EASE Programme
\nThe scheme enables elderly flat owners to monetise their units while continuing to live in them by selling back to the HDB at least 20 years of the unit\u2019s remaining lease.
\nAmong those who have availed of the LBS was Ow Binbing.
\nThe 67-year old former music teacher sold 53 years of her Executive Apartment\u2019s (EA) lease back to the HDB in January. Despite the sale, there was still enough years left on the lease to enable her to live in the Punggol flat until she is 97.
\nOw acquired the nine-year old unit from the resale market in 2012 for $630,000, after disposing her Farrer Park condominium unit.
\nALSO READ:\u00a0A Guide To SERS (Selective En Bloc Redevelopment Scheme)
\nShe shared that her LBS application, which was filed on 10 January, was handled promptly.
\n\u201cIt was very fast. On the same day at 5pm, the valuer came and took photos and video of everything. A week later, I received my valuation.\u201d
\nOw\u2019s 1,378 sq ft unit was valued at $560,000, while the 53 years lease she intended to sell was valued at around $269,500.
\nAs the sole owner of the flat, she received $187,000 in cash including a $5,000 bonus after using the net proceeds first to top up her CPF Retirement Account to the Full Retirement Sum, which is part of the scheme\u2019s conditions.
\nThis gave her retirement payouts a boost \u2013 from $720 to over $1,100 per month.
\n\u201cFor me, it\u2019s good but for others such as couples, they may not like it because the cash from the proceeds could be little depending on how much they have in their CPF retirement account. I only had to top up my CPF a bit,\u201d she added.
\nFiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email\u00a0fiona@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Over 20 Households Residing In Bigger Flats Sold Part Of Lease To HDB In Q1 2019<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

From 1 January to 31 March, HDB received over 200 LBS applications from owners of...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-106879","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-rNR","jetpack-related-posts":[{"id":76088,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/2500-households-took-up-hdbs-lease-buyback-scheme\/","url_meta":{"origin":106879,"position":0},"title":"2,500 households took up HDB\u2019s Lease Buyback Scheme","date":"January 9, 2018","format":false,"excerpt":"\r About 2,500 families have successfully applied for the Housing and Development Board\u2019s Lease Buyback Scheme (LBS) since it was launched in March 2009, according to a written parliamentary reply from the Ministry of National Development on Monday (8 January). It stated this in response to a question from Gan\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":96393,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lease-buyback-scheme-to-be-extended-to-all-hdb-flats\/","url_meta":{"origin":106879,"position":1},"title":"Lease buyback scheme to be extended to all HDB flats","date":"August 21, 2018","format":false,"excerpt":"\r Elderly owners of large Housing and Development Board (HDB) flats can look forward to monetising their flat by selling part of their remaining lease to the government. \u00a0This comes as the Lease Buyback Scheme (LBS) will now be extended to all HDB flats, including five-room and bigger units, to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":97608,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/seniors-have-options-to-unlock-value-of-hdb-flats\/","url_meta":{"origin":106879,"position":2},"title":"Seniors have options to unlock value of HDB flats","date":"September 11, 2018","format":false,"excerpt":"\r Seniors may choose to rent our a spare bedroom or sell part of their lease back to HDB. HDB flats provide a nest egg to seniors for their retirement needs, and the authorities have introduced many schemes and programmes to monetise such properties by then, according to National Development\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101430,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-to-provide-more-help-to-seniors-looking-to-unlock-flats-value\/","url_meta":{"origin":106879,"position":3},"title":"HDB to provide more help to seniors looking to unlock flat\u2019s value","date":"November 19, 2018","format":false,"excerpt":"\r More personalised information could soon be provided to help seniors make better retirement decisions, such as the estimated proceeds from the sale of their flats. Unlocking the value of one\u2019s HDB flat can prove to be a complex task, wrote National Development Minister Lawrence Wong in a blog post.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114728,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-to-scrap-re-offer-of-balance-flats-exercise\/","url_meta":{"origin":106879,"position":4},"title":"HDB to scrap Re-Offer of Balance Flats exercise","date":"March 5, 2020","format":false,"excerpt":"\r The change is part of the various measures unveiled by Wong to make housing more accessible as well as to better support Singaporeans\u2019 diverse housing needs. Homebuyers can look forward to faster access to public housing as the Housing and Development Board (HDB) will do away with the Re-Offer\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110483,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lbs-available-for-flat-owners-with-outstanding-mortgage-loan-of-over-5000\/","url_meta":{"origin":106879,"position":5},"title":"LBS available for flat owners with outstanding mortgage loan of over $5,000","date":"September 4, 2019","format":false,"excerpt":"\r Flat owners with outstanding mortgage loans of more than $5,000 can now take up the LBS \u201cas long as the proceeds from the lease sale are sufficient to fully discharge the loan. The rule that requires Housing and Development Board (HDB) flat owners to have an outstanding loan of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/106879"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=106879"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/106879\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=106879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=106879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=106879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}