Since the launch in March, the Housing and Development Board has received 409 applications for the Lease Buyback Scheme (LBS), as at the end of last month.
Eighty-two have been approved, said National Development Minister Mah Bow Tan, and all have received their $5,000 upfront payout.
Seven per cent of the applications were rejected: Most had enjoyed more than one housing subsidy or had previously owned bigger flat types or private properties.
Mr Mah said another 17 per cent of applicants have been asked by HDB to delay their LBS application until after the upgrading work in their blocks or estates are completed. "This is to ensure clarity in the flat valuation, which affects the payout quantum, and is in the interest of the applicants," he said. Leong Wee Keat
Source: Today, 15 Sep 2009
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