Tag Archives: Buyback

ELDERLY S’POREANS “ENCOURAGED” TO SELL THEIR HOMES IN ORDER TO RETIRE

71-year-old Ahmad Parti is worried about being asset-rich but cash-poor. He is suffering from hypertension and gut problems, but is still working as a part-time gardener thrice a week. An HDB scheme provided some relief for Mr Ahmad. Under the Enhanced Lease Buyback Scheme, he and his wife were among the 300 households that unlocked S$44 million from their flats. At the time of the sale in June this year, their flat at Bedok North Street 3 was valued at S$320,000. The couple retained a 30-year lease on their flat, and sold the remaining lease back to HDB. They got S$134,000 and that was used to top-up their CPF Retirement Accounts.

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