Majority of households that sold flat leases got $100k-$300k

12,656 tap Lease Buyback Scheme since 2009; about half live in 3-room, smaller flats

- Wong Yang

The vast majority of households which have opted for the Housing Board's Lease Buyback Scheme (LBS) received between $100,000 and $300,000 in proceeds for selling part of their flat's lease back to HDB.

This was the case for more than 90 per cent of the 12,656 households which have tapped the scheme as at June 30, HDB said in an update on the LBS on Aug 14.

HDB's figures show that the take-up rate for the LBS has remained steady, at an average of 1,680 households annually over the last five years.

Launched in 2009, the LBS allows those aged 65 and older to supplement their retirement income by selling part of their flat's lease back to HDB.

Proceeds from the sale are used to top up their Central Provident Fund (CPF) Retirement Account and purchase a CPF Life plan, which provides monthly payouts for life. Any balance proceeds after the CPF Retirement Account topup are returned to home owners in cash.