Source : Straits Times - 4 Apr 2009
I REFER to the letter by Mr David Soh, “Lease buyback: Start at 60 instead of 62″ (Online Forum, March 7).
We wish to explain that the purpose of the Lease Buyback Scheme (LBS) is to supplement retirement needs. Hence, we have put in place the age requirement of 62, consistent with the CPF Board’s drawdown age. Moreover, if flat owners take up the scheme at a younger age, the probability of outliving the 30-year flat lease would increase while the monthly LBS payout will also be reduced.
For senior home owners who wish to unlock their housing equity before they reach 62, they should consider other options such as sub-letting a room or flat. Those above age 55 can also consider moving to a studio apartment.
Lily Wong Jee Choo (Ms)
Deputy Director (Policy & Property)
Housing & Development Board
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