Lease Buyback Scheme extension details ready in early-2019: Lawrence Wong

Singapore

THE details of the Lease Buyback Scheme's (LBS) extension to all HDB flats should be ready by early-2019, Minister for National Development Lawrence Wong said on Friday.

The announcement that the LBS would be extended to cover five-room and larger flats was made in August this year.

Under the LBS, flat owners aged 65 and above who meet several other criteria can sell part of their flat's lease to the HDB while retaining the length of lease based on the age of the youngest owner.

The proceeds from such a sale will be used to top up their Central Provident Fund (CPF) Retirement Account, which can subsequently be used to purchase a CPF Life plan that provides individuals with a monthly income…