Most seniors pick shorter leases of 30 to 45 years for two-room flexi flats

The vast majority of seniors who booked two-room flexi flats opted for shorter leases of between 15 and 45 years, with the 40-year lease being the most popular.

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Of these 20,185 seniors, about nine in 10 chose lease lengths of 30 to 45 years, the Housing Board said in an update on Sept 27. Most of the remaining seniors opted for shorter leases of 20 to 25 years.

Only 298 older buyers chose to go with the shortest lease of 15 years, while more than 1,700 seniors went with a 99-year lease.

HDB said this housing option allows seniors to monetise their existing properties and downsize to a smaller two-room flexi flat. This would provide them with additional retirement income.

Two-room flexi flats are offered with shorter leases between 15 and 45 years - in five-year increments - as long as the lease covers the youngest applicant up to the age of 95. The shorter leases mean buyers pay less.