$20K Silver Housing Bonus

The bonus will be given to older Singaporeans (55 and above) who wish to downgrade their existing flat to a 3-room or smaller flat.

Net sales proceeds will have to be credited back into their CPF accounts - to be matched $—for—$ by the government, up to $20,000 ($15,000 in cash; $5,000 into CPF)

Any amount above the minimum sum can then be withdrawn in cash, together with the $15,000 above, will form the total cash-in-pocket after the downgrade.

The remaining amount in their CPF accounts will be used to purchase a CPF Life annuity plan.