SINGAPORE: HDB heartlands are set for a major facelift over the next few years.

In fact, National Development Minister Mah Bow Tan has described it as a "quantum leap in public housing in Singapore".

Mr Mah was speaking at the opening of the HDB's "Remaking Our Heartland" exhibition on Friday evening.

He also unveiled more details on the new generation of public housing and plans to help the elderly unlock the value of their flats.

"We will provide a variety of housing choices, landscaped community spaces, bring more greenery to residents' doorstep and make better use of water bodies to soften the impact of high-rise, high-density living. Some of these features are new; others are not so new. We will bring these various elements together to transform HDB living into 'Housing in a Park'," said Mr Mah.

On display at the week-long exhibition at the HDB Hub are plans in store to rejuvenate the HDB estates - starting with Punggol for the new towns, Yishun for the middle-age towns and Dawson for the old estates.

"It (HDB living) also helps our citizens to share the country's progress through the upgrading programmes. And now it's also going to help to supplement our retirement income when we grow old," said Mr Mah.

And this can be done through a new lease buyback scheme which was announced by Prime Minister Lee Hsien Loong during the National Day Rally.

Under this scheme, HDB will buy back the tail end of the flat lease from elderly owners and leave them with a shorter lease of 30 years on the same flat.

The value unlocked from the lease buyback scheme will be based on market rate.

Mr Mah said owners will receive a lump sum payment when they sign up for the scheme.

They will also be able to continue living in the flat, while drawing a monthly payout for a fixed number of years.

"If he says, 'I want the payout to be up to 85 years old'. So, from 62 to 85, he will receive a monthly payout. If he lives beyond 85, the insurance will then kick in and give him a monthly payout. It is likely that we will ride on the CPF scheme when it is ready," Mr Mah said.

So, under the scheme, payment will be divided into three parts.

The first will be an initial lump sum payment.

This will be followed by monthly instalments over a fixed number of years.

If the residents do not live that long, the amount unpaid will be returned to the participants' families.

A third portion of the payment, said Mr Mah, will go towards an insurance scheme that will give the owners an income for as long as they live.

Mr Mah added that details of the scheme are still being worked out and will be out by early next year.

HDB projects that some 25,000 households will qualify for the lease buyback scheme.

It is targeted at owners aged 62 and above, particularly those living in a 2- or 3-room flat who have only had one bite of the housing cherry.

Mr Mah added that the government will provide a subsidy to encourage eligible residents to join the scheme.

All residents are encouraged to be more involved in the shaping of their neighbourhood.

Mr Mah said there will be more formalised consultation channels like mini Town Hall gatherings, where residents can discuss the facilities they wish to be built in the estate. - CNA/ir