Elderly S'poreans mull over Silver Housing Bonus

Many elderly homeowners are still not ready to leave their HDB flats for the Silver Housing Bonus, which gives them the chance to unlock their savings by downgrading to a smaller flat.

Only a few among over 30 owners in Toa Payoh, Queenstown, Tampines and Serangoon found downgrading an attractive idea. Among their concerns was the inconvenience of relocating, while some argued that they want to remain close to their children. They also want to stay due to the familiarity established with their current neighbourhood, aside from not needing the money as of now.

Nonetheless, many residents praised the scheme, which was announced by Tharman Shanmugaratnam, Singapore's Deputy Prime Minister and Finance Minister, as the right move.

Under the new scheme, the government will offer a S$20,000 bonus to Singaporeans aged 55 and above who choose to sell their current HDB flats and move to smaller units. They will get S$15,000 in cash and the remaining SS$5,000 will go to their Central Provident Fund (CPF) accounts.

Many of the residents interviewed feel the S$15,000 bonus would be a viable option for those who needed cash, particularly with the uncertain economy and high living costs.

"The cash paid upfront would be good for those with financial difficulties," said Alan Foo, 75, who has a three-room unit in Toa Payoh.

While most residents listed sentimentality as the top reason for not wishing to downgrade, many were also hesitant because they were not sure how much cash they would get if they downgrade.

Related Stories

Silver housing bonus to boost HDB resale market

COVs for flats drop a massive 20-30%

Over 10% of S'poreans responsible for sale of their flats

  • Wednesday #sgroundup: More than 300 people missing after South Korean ferry sinks - coastguard 6 minutes ago
    Wednesday #sgroundup: More than 300 people missing after South Korean ferry sinks - coastguard

    Here are the top trending stories of the day in case you missed them:

  • 2015 Chevrolet Trax small SUV rolls back to America 11 hours ago
    2015 Chevrolet Trax small SUV rolls back to America

    For the past two years, car shoppers from Acapulco to Winnipeg could wander into their Chevy dealers and kick the tires on a city-sized sport utility vehicle named the Trax — and about 90,000 have done so. Today, Chevy revealed the version of the Trax it will bring to the United States, for those less well-heeled buyers who want the shape of an SUV without the window sticker they usually carry.

  • Ford Transit Skyliner concept revives the ultra-luxury van 14 hours ago
    Ford Transit Skyliner concept revives the ultra-luxury van

    “Once you do stand-up, you don’t want to go back.” No, we’re not talking about comedy, but rather an emerging trend in luxury transport that’s bringing us ever taller, more capacious, more pimpdillyicious limousines. The quote came from a Ford designer, Tim Stoehr, predicting an increase in interest in limos based on big vans like the new Transit. Of course, these are nothing new; up-fitters have taken quite kindly to the Mercedes-Benz Sprinter, and apparently Ford is chomping at the bit to get in on the action, too. So Ford enlisted the help of the largest Ford dealer in the world, Galpin Auto Sports in Van Nuys, Calif., to help design and build its first super-lux Transit concept, dubbed the Skyliner.

  • Amazon to release smartphone later this year: report
    Amazon to release smartphone later this year: report

    Amazon is preparing to release a smartphone in the second half of 2014, thrusting itself into a market already crowded with Apple and Samsung models, The Wall Street Journal reported. The company aims to announce its new product by the end of June and ship to customers by the end of September in time for the holidays, the Journal said in a Friday report, citing unnamed people briefed on the matter. Amazon, it said, hopes to differentiate its phone from other models with a screen that displays hologram-like three-dimensional images, which can be viewed without special glasses. Earlier this month the retailer unveiled a new media streaming device, Amazon Fire TV, which it touted as simplifying the experience of watching video online.

  • Supermodel Qi Qi is afraid of flying
    Supermodel Qi Qi is afraid of flying

    The supermodel said that she will take her daughter in a vacation but will try to avoid boarding a plane

  • One dead as S. Korea ferry with 476 passengers sinks
    One dead as S. Korea ferry with 476 passengers sinks

    South Korea's coastguard said Wednesday one person had been killed as it struggled to rescue 476 people -- mostly high school students -- aboard a ferry that ran aground and sank off the southern coast. "The ferry is almost completely submerged," Lee said, adding that a detachment of South Korean Navy SEALS were taking part in the rescue. Of the 450 passengers on board the ferry bound for the southern resort island of Jeju, 325 were students from a high school in Ansan, south of Seoul. The 6,825-tonne ferry, which had sailed out of the western port of Incheon on Tuesday evening, ran into trouble some 20 kilometres (13 miles) off the island of Byungpoong.