MND and HDB announced the introduction of the 2-room Flexi Scheme to help meet the diverse needs of Singaporean families, singles and elderly. Incorporating feedback and suggestions from the public, the new scheme will combine and replace the existing 2-room flat scheme and Studio Apartment (SA) scheme, and offer greater flexibility to accommodate different groups of home buyers.
Amongst the flexibility introduced are:
- Shorter leases for Singaporeans aged 55 and above, including first-timers and those that have enjoyed housing subsidies before
- Option to choose the length of the lease, from between 15 and 45 years , in five-year increments and enough to cover the applicant and their spouse to 95 years of age
- Choice of 36 or 45 square meter flats
At least 40% of the 2-room Flexi flats will be made available to the elderly. A new Senior Priority Scheme will set aside half of the allocated units for seniors that wish to live near their current flat, or married children. Over 70 BTO projects with 2-room Flexi flats are planned for the next 5 years.
- Waiver of accrued interest on resale levies for second-timers aged 55 and above, who sold their flats before 3 March 2006 but have not yet paid their resale levies, and choose to right-size to a 2-room or 3-room flats
- Flexibility to extend their lease by 5, 10 or 15 years, at the prevailing market value, for current SA owners
- Option to extend their lease by an additional 5 years, at the prevailing market value, for flat owners under the older Lease Buyback Scheme from 1 April 2016 onwards
- Waiver of forfeiture fees for the elderly currently waiting for the completion of their SA flats if they wish to apply for a 2-room Flexi flat and cancel their current flat before 19 August 2016
The 2-room Flexi Scheme and waiver of accrued interest on the resale levy will be implemented from the September 2015 BTO exercise.