Desmond Lee: Silver Housing Bonus scheme to offer extra S$10,000 cash incentive from December

SINGAPORE:The Silver Housing Bonus scheme, which provides cash incentives to seniors who downsize their homes, will be enhanced from 1 December. The changes include an additional S$10,000 for those moving into two-room flats or smaller and a revision of the cash-only CPF top-up requirement to include CPF housing refunds. Minister for National Development Desmond Lee announced the enhancements in parliament on 5 March. The eligibility cap for private properties under the scheme will also be raised to an annual value of S$31,000, expanding access to more seniors.

Easier eligibility and higher incentives for seniors downsizing their homes

Launched in 2013, the Silver Housing Bonus provides cash bonuses of up to S$30,000 to seniors aged 55 and above who "right-size" to a three-room or smaller flat. To qualify, applicants must sell an HDB flat or private property with an annual value of no more than S$21,000. Seniors are currently required to top up their CPF Retirement Accounts with cash, up to S$60,000 per household, and enrol in the CPF Life annuity scheme. The bonus is distributed at a rate of S$1 for every S$2 topped up to the CPF Retirement Account. From December, seniors can qualify by committing to a net CPF top-up of up to S$60,000 after downsizing. This amount can now come from CPF housing refunds, which are mandatory repayments into CPF when using CPF savings for a property purchase. As a result, seniors may no longer need to make cash top-ups. An additional S$10,000 incentive will be given to seniors purchasing two-room or smaller flats, including community care apartments. This means eligible seniors can receive up to S$40,000 in cash bonuses, regardless of their CPF top-up amount. The scheme will also be extended to include seniors selling private properties with annual values between S$21,000 and S$31,000. However, this group will receive a lower cash bonus of up to S$10,000 for moving into a three-room flat or up to S$20,000 for a two-room flat.

Expanded eligibility with minimal impact on HDB resale market

The changes will expand eligibility to more than 15,000 additional seniors. Overall, the scheme will cover more than three-quarters of all residential properties in Singapore, according to Lee. Authorities do not expect these changes to significantly impact the resale market for smaller HDB flats. They noted that no sharp increases in resale prices were observed when the scheme was first introduced in 2013 or when it was enhanced in 2020.

EASE programme expansion to benefit private property households from 2026

As part of broader efforts to support seniors, the government also announced an expansion of the Enhancement for Active Seniors (EASE) programme, which provides subsidised senior-friendly home fittings. Currently, EASE offers subsidised installations such as grab bars and foldable shower seats to eligible HDB households. Prime Minister Lawrence Wong stated during the February Budget statement that the programme will be extended to private property households for three years until 2028. From the first quarter of 2026, all Singapore citizen households in private properties with at least one senior will be eligible for EASE. The senior must be aged 65 or older, or between 60 and 64 and require assistance with at least one daily activity, such as bathing or mobility. Eligible households will receive a 75% subsidy for selected installations, up to a cap of S$1,200. The expanded scheme is expected to benefit over 70,000 households.

Examples of Silver Housing Bonus changes in action

Under the current rules, a senior couple selling their five-room flat in Yishun for S$705,000 and buying a three-room flat in Woodlands for S$275,000 must make a cash top-up of S$60,000 to their CPF Retirement Accounts to receive the maximum S$30,000 cash bonus. From December, their CPF housing refunds will count toward this requirement. If their refunds total S$60,000, they will qualify for the bonus without any cash top-up. In another scenario, a senior couple selling a private property in Yishun valued at S$970,000 and moving into a two-room flexi flat in Woodlands for S$83,000 is currently ineligible due to their private property's S$25,000 annual value exceeding the S$21,000 cap. After 1 December, they will qualify if they contribute S$60,000 from their CPF housing refunds to their CPF Retirement Accounts. They will receive a S$20,000 cash bonus, including an additional S$10,000 for moving into a two-room flat.