26,000 senior citizens aged 55 and above living in three-room or smaller flats, rent to gain additional income for retirement, or to sustain their medical and daily expenditures.
One room is likely to be rented out for about S$600 while a three-room flat is sublet for S$2,000. Besides the low interest in renting out their units, two schemes for elderly Singaporeans to monetise their flats have also met with low take-up rates.
At the latest Our Singapore Conversation on Housing yesterday (June 5), industry experts called for the schemes to be simplified to better meet the needs of seniors and for the authorities to play a greater role.
The Silver Housing Bonus allows seniors to sell the flat back to the housing board in exchange for a S$20,000 bonus for topping up their CPF account.
Meanwhile, the Lease Buyback scheme enables three-room or smaller flat owners to sell part of their lease to HDB while living in the same flat for the next 30 years.