Successful Applications for Lease Buyback Scheme

59 Mr Gan Thiam Poh asked the Minister for National Development (a) to date, what has been the number of successful applications for the Lease Buyback Scheme since its launch; (b) whether the payouts have been affected by the falling HDB resale prices and rental income; and (c) what has been the average payout for each applicant.

Mr Lawrence Wong: The Lease Buyback Scheme (LBS) was implemented on 1 March 2009. As at 30 November 2017, about 2,500 households have taken up the scheme.

The LBS proceeds for each household is dependent on the market value of the flat at the time of application. Specifically, the LBS proceeds are the market value of the flat with its full remaining lease, minus the value of the lease retained by the household and any outstanding monies due to the Housing and Development Board.

The average LBS proceeds among the households which have benefited from the scheme to date is about $146,000.