SINGAPORE: Short-lease flats continue to be a popular choice among Singapore senior homebuyers, with 90% opting for this option when purchasing two-room flexi flats, as announced by the Housing and Development Board (HDB) on Friday, Sept 27.
The two-room flexi scheme started in 2015. It allows buyers aged 55 and older to choose between a 99-year lease or a shorter lease lasting from 15 to 45 years. This flexibility meets the different needs of seniors, who can select a lease that fits their lifestyle and budget.
According to The Business Times, 92% of seniors who booked two-room flexi flats went for a shorter lease, accounting for 20,185 out of 21,901. Only 8%, 1,716 buyers, chose the traditional 99-year lease.
Among the shorter leases, the 40-year option was the most popular, chosen by 27.3% of senior buyers. Following closely were the 35-year lease at 24.4% and the 30-year lease at 16.4%. Interestingly, only 298 seniors picked the shortest lease of 15 years.
Nearly all of the short-lease two-room flexi flats, even those with the longest tenure of 45 years, were priced under S$200,000. Most of these flats in non-mature estates were priced under S$100,000.
Since launching the scheme, the HDB has offered about 53,900 two-room flexi flats, with 71%, 38,378 units, already booked. Keys have been issued for 22,822 of these units.
Notably, over half (57%) of the sold units were purchased by seniors, while the remainder went to singles and families.
HDB said they will offer more two-room flexi flats in the upcoming October 2024 Build-To-Order (BTO) sales exercise. New flats will be available in several areas, including Ang Mo Kio, Bedok, Bukit Batok, Jurong West, Kallang/Whampoa, Pasir Ris, and Sengkang. /TISG
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