Siblings pool together S$50k for 15-year lease flat to fulfill elderly parents' dream of owning home

A 93-year-old retiree and his 88-year-old wife who harboured a humble dream of owning their own house, finally had their dreams fulfilled when their four children pooled together about S$50,000 to purchase a two room flat with a 15-year leash. 

Their eldest daughter, a 59-year-old executive told reporters that her parents had lived with her previously:

“After the children grew up, my husband and I moved to a two-room flat and I decided to fetch my parents over to stay with us.

“My parents slept in the sole bedroom while my husband and I stayed in the living room.”

She admitted that the living conditions back then were quite packed, and her parents told on numerous occasions that they wanted to live alone, reports Lianhe Wanbao.

Deciding to grant her parents’ wish, she and her other three younger brothers rented a 3-room flat for their parents, forking out about S$1,700 every month as rental. 

However, they felt that this wasn’t a long-term solution, and the rental fees costed over S$20,000 in just a year.  

She said: 

“Actually, my parents had always wanted an apartment of their own, but as we (the children) all had our own families to care for, our finances wouldn’t allow us to buy a flat with a 99-year lease. 

“Fortunately, after the Housing and Development Board (HDB) came up with the 2-room Flexi Scheme, we only needed to fork out about S$50,000 to buy a flat with a 15-year lease.  

According to the scheme, families who are purchasing a flat for the first and second time, as well as singles who are first-time buyers could opt to get a 2-room flat from HDB with a 99-year lease. 

The family of a buyer who is 55 years or older can also choose to select a shorter lease; between 15 to 45 years, and must allow the occupant to stay until he or she reaches 95 years of age. 

As both her parents are close to or above 90 years of age, the siblings decided on a shorter lease of 15 years. 

During a ballot in November last year (2016), the elderly couple picked a BTO unit in Sengkang which is estimated to be completed in 2019.