Muhammad Faishal Ibrahim on seniors monetising their flats

The Ministry of National Development aims to provide seniors various options to unlock the value of their flats to supplement their retirement needs, while giving them the autonomy to decide on the best choice for themselves. Making this point in Parliament on Tuesday (Mar 21), Minister of State for National Development Muhammad Faishal Ibrahim said there are various reasons why some elderly flat owners may not be keen to take up one option, the Lease Buyback Scheme. They may have other sources of income or plan to bequeath their home to their loved ones when they pass on. They may prefer to take up other monetisation options such as right-sizing to a smaller flat and applying for the Silver Housing Bonus, or renting out their spare rooms. Dr Faishal said HDB reaches out to seniors on housing monetisation options in various ways. It will also continue to review their housing needs to ensure that policies remain relevant and responsive. He was replying to an MP’s questions.