From this year, the Lease Buyback Scheme (LBS) will be extended to all Housing and Development Board (HDB) flat types.

Previously, this scheme was only available to owners of four-room or smaller HDB flats. But in August 2018, Minister for National Development Mr Lawrence Wong announced that it would be made available to all HDB flat types.

This change brings another 34,000 households into the scheme, bringing the total number of LBS-eligible households to about 130,000.

The LBS allows senior flat owners to sell part of their flat’s lease back to the HDB to boost their retirement income. After opting for LBS, seniors may also rent out spare bedrooms to supplement their retirement income.

To qualify for the scheme:

• All owners must reach the eligibility age of 65 years, with at least one of the owners being a Singaporean
• A gross monthly household income of $12,000 or less
• No concurrent ownership of second property
• At least 20 years of lease to sell to HDB