| By Zakir Hussain | ||
 |  | Some owners of larger HDB homes have asked to be included in the scheme, which is only for owners of three-room or smaller flats. -- ST PHOTO: TERENCE TAN |
In all, about 200 elderly Singaporeans have taken up the offer since its launch last month, said Prime Minister Lee Hsien Loong at a roadshow pitching the scheme to his constituents.
Those who qualify will sell to the HDB the tail-end of their lease at market rate, and the proceeds will be used to buy an annuity from the CPF Board.
This annuity could give Mr Adali and his wife, who is 69, a total of about $600 a month throughout their life.
'I consulted my family, and they are all supportive as they feel the scheme is beneficial to us,' said the father of 11 who bought his three-room flat in 1981 for $21,900.
It is now worth $248,000, he said, adding that he makes about $600 a month as a mosque caretaker.
The rise in value of HDB homes over time was also noted by Mr Lee in his speech to some 1,000 elderly constituents at Nanyang Polytechnic.
He said the Lease Buyback Scheme was possible because of Singapore's highly-successful home ownership programme.
'Even now, in an economic downturn, everybody not only has a roof over their heads, but a property which has appreciated in value over the years,' he noted.
Indeed, some owners of larger HDB homes have asked to be included in the scheme, which is only for owners of three-room or smaller flats.
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