Streamlining monetisation options for seniors
Enhancements to Silver Housing Bonus (SHB)
We will increase the maximum bonus from $20,000 to $30,000, to further support seniors in their retirement.
We will also simplify the SHB requirements:
- Seniors can qualify for SHB as long as they move to a 3-room or smaller flat, and they have proceeds from the move. There is no requirement to sell a larger flat now.
- Seniors will only need to top-up $60,000 of their proceeds to their CPF Retirement Account (RA) to qualify for the maximum SHB of $30,000. There is no second top-up required.
Enhancements to Lease Buyback Scheme (LBS)
We will also increase the maximum LBS bonus from $20,000 to $30,000 to align with the revised SHB. Owners of 3-room or smaller flats, 4-room flats, and 5-room or larger flats can get a maximum cash bonus of up to $30,000, $15,000, and $7,500, respectively.
Alternative housing option for seniors
To support seniors to age in-place, the Ministry of National Development (MND) and Ministry of Health (MOH) have been studying the concept of assisted living, where housing is integrated with care services.
Following positive feedback from focus group discussions with seniors and service providers, we will launch the new flat models at a pilot site in Bukit Batok in May 2020.
The blocks will be designed with large communal spaces on every floor, so residents can gather with their neighbours conveniently. The flats will be enhanced with senior-friendly fittings and larger bathrooms, as well as other features to accommodate those with mobility needs
There will be about 160 units in the Bukit Batok pilot development. More details will be shared in the coming weeks.