MND to push for shorter-term housing to aide seniors in retirement

They are eyeing to enhance the liquidity of older flats for the resale market.

The Ministry of National Development (MND) will be making several shorter-term schemes to help seniors utilise their HDB flats for retirement, national development minister Lawrence Wong said in his blog.

“Today, many seniors choose to rent out a spare bedroom for extra income,” he noted. “Others prefer to sell their existing flats and right-size to smaller units, and enjoy the Silver Housing Bonus.”

Wong said that they are looking into possible ways to enhance the liquidity of the resale market for older flats in a move to facilitate right-sizing.

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“Currently, the Central Provident Fund (CPF) can be used for the purchase of older HDB flats but subject to certain restrictions,” he explained. “These rules are meant to ensure that buyers purchase a home for life, without compromising their retirement savings.

Wong said that the government is making significant moves on housing to prepare for the future responsibly.He adds that feedback and views from the citizens have been helpful in looking for approaches towards the issue.