WHAT IS THE NEW SCHEME?
It is a programme that combines the existing two-room and studio apartment schemes. It will offer buyers two-room flats with lease durations from 15 to 99 years, depending on their age.
WHO IS ELIGIBLE?
Applicants aged 55 and above can opt for shorter leases ranging from 15 to 45 years, in five-year increments. The chosen lease must allow them and their spouses to live in the flat till they are at least 95. First- and second-timer families and first-timer singles will continue to be offered 99-year leases .
WHAT IS THE DIFFERENCE BETWEEN THE CURRENT TWO-ROOM FLAT AND STUDIO APARTMENT SCHEMES?
Studio apartments are for elderly home owners aged at least 55 who have sold a previous flat to fund their retirement. These have a 30-year lease. Two-room flats have a 99-year lease and are for families or singles. Both flat types come in 36 sq m or 45 sq m sizes, but studio apartments are cheaper because of their shorter leases.
HOW MUCH WILL FLATS COST?
No quantum has been set yet, but shorter-lease flats will be cheaper. Second-timer buyers will also pay more than first-timers as the latter will get more subsidies.
There will also be pro-rated grants for first-timers and pro-rated resale levies for second-timers.
WHEN WILL IT BE INTRODUCED?
The scheme will be offered from the upcoming Build-To-Order flat launch next month.
Yeo Sam Jo