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More options for elderly under new 2-bedroom flexi scheme
Singapore Property Market News and Analysis


Latest Property Real Estate News - Published on 20/08/2015

REAL ESTATE DATA TREND

Two-Room Flexi Scheme (Aug 2015)

More options for elderly under new 2-bedroom flexi scheme

The latest 2-bedroom flexi scheme will provide more options for seniors to opt for shorter leases of between 15 and 45 years, in five-year increments, as long as it covers them and their spouse until they are at least 95 years old. The greatest benefit of the scheme is that it allows seniors another option at the entry level, to commit to a purchase of a 2-bedroom flat and unlock more cash from the sale of their existing flat.

“However, a critical decision has to be made by the interested buyer as the flexi scheme does not give the option of selling the flat in the open market – which effectively means that the buyer will not be able to enjoy the possible capital appreciation in future. Nonetheless, this scheme will cater to seniors with a lower budget who just wants to have a roof over their heads in their twilight years,” commented Mr Ismail Gafoor, CEO of PropNex Realty.

However, when comparing the prices of the varying leases under the 2-bedroom flexi scheme – effectively, the lower the lease, the higher the price per lease year. This is mainly due to the construction cost, which is constant regardless of the length of lease.

S/No

Lease

Total price ($)

Effective price per lease year ($)

1

99 years

110,000

$1,111

2

40 years

63,000

$1,575

3

15 years

37,000

$2,466

Source: HDB, PropNex research

For media enquiries, please contact:

Carolyn Goh
Senior Manager
Corporate Communications and Marketing
P & N Holdings Pte Ltd (holding company of PropNex Realty)
480 Lorong 6 Toa Payoh #10-01 HDB Hub East Wing Singapore 310480
DID : (65) 6829 6748 / 98287834 | Main : (65) 6820 8000 | Fax : (65) 6829 6600

Algene Hong
Senior Executive
Corprate Communications
PropNex Realty
480 Lorong 6 Toa Payoh #10-01 HDB Hub East Wing Singapore 310480
DID : (65) 6829 6746 | Main : (65) 6820 8000
Fax : (65) 6829 6600



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