Artist impression of Punggol 21+ town centre
SINGAPORE: HDB heartlands are set for a major facelift over the next few years.
In fact, National Development Minister Mah Bow Tan has described it as a "quantum leap in public housing in Singapore".
Mr Mah was speaking at the opening of the HDB's "Remaking Our Heartland" exhibition on Friday evening.
He also unveiled more details on the new generation of public housing and plans to help the elderly unlock the value of their flats.
"We will provide a variety of housing choices, landscaped community spaces, bring more greenery to residents' doorstep and make better use of water bodies to soften the impact of high-rise, high-density living. Some of these features are new; others are not so new. We will bring these various elements together to transform HDB living into 'Housing in a Park'," said Mr Mah.
On display at the week-long exhibition at the HDB Hub are plans in store to rejuvenate the HDB estates - starting with Punggol for the new towns, Yishun for the middle-age towns and Dawson for the old estates.
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HDB unveils new generation of public housing
"It (HDB living) also helps our citizens to share the country's progress through the upgrading programmes. And now it's also going to help to supplement our retirement income when we grow old," said Mr Mah.
Artist impression of Punggol 21+ promenade
And this can be done through a new lease buyback scheme which was announced by Prime Minister Lee Hsien Loong during the National Day Rally.
Under this scheme, HDB will buy back the tail end of the flat lease from elderly owners and leave them with a shorter lease of 30 years on the same flat.
The value unlocked from the lease buyback scheme will be based on market rate.
Mr Mah said that owners will receive a lump sum payment when they sign up for it. That will be the first part of the payout.
They will also be able to continue living in the flat while drawing a monthly payout for a fixed number of years.
Mr Mah said: "But should they live beyond the payout period, we want to make sure that they continue to have some money to meet their living expenses. Therefore the third part (of the payout) will go towards a longevity insurance that will continue to pay the owners a monthly allowance for as long as they live. It is likely that we will ride on the CPF scheme when it is ready."
HDB projects that some 25,000 households will qualify for the lease buyback scheme.
It is targeted at owners aged 62 and above, particularly those living in a 2- or 3-room flat who have only had one bite of the housing cherry.
Mr Mah added that the government will provide a subsidy to encourage eligible residents to join the scheme.
All residents are encouraged to be more involved in the shaping of their neighbourhood.
Mr Mah said there will be more formalised consultation channels like mini Town Hall gatherings, where residents can discuss the facilities they wish to be built in the estate. - CNA/ir
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