Proposal for Rent-to-own Housing Scheme
Assoc Prof Jamus Jerome Lim questioned the Minister for National Development about the consideration of a rent-to-own model by HDB in addition to existing grant schemes aimed at facilitating home ownership for rental tenants. Desmond Lee explained that the Rent and Purchase Scheme, previously implemented, was suspended due to significantly low demand after introducing other financial aids such as substantial CPF housing grants. The government has focused on improving support for public rental households to achieve home ownership through various schemes and personalized guidance from the Home ownership Support Team. HDB prices new flats with market discounts and provides significant grants, aiming to help lower-income families transition to home ownership while ensuring financial stability through comprehensive support services.