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HDB Lease Buyback Scheme changes: More cash a draw, but some prefer to bequeath their flats

Aim of revamp is to give people more options: Khaw

Published on Sep 4, 2014 6:40 AM
Taxi driver Tan Ah Tee, 65, and his wife Ong Soh Har, 62, prefer to keep their flat so they can leave it to their children. -- ST PHOTO: LAU FOOK KONG

When the income ceiling is raised next April so they become eligible for it, Mr Thomas Wong, 64, and his wife might well take advantage of the Lease Buyback Scheme.

Changes announced yesterday mean they could sell part of the lease on their four-room Bukit Batok flat back to the Housing Board (HDB) in return for something more in their pockets.

"If there is more cash, it will be more flexible for us. We can go for a holiday or invest the money," said Mr Wong, who is self-employed. His wife, 63, is a secretary. They have an adult son.

The couple take home about $3,200 every month. The revamp raises the income ceiling from $3,000 to $10,000.

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