https://www.facebook.com/laoliang/posts/pfbid0k2Xtjk2SQX9W4Vn5hPPuSXKiZFCJsVntJtY5fKBFYG77neaHHTR8shwk8JcP39VSl
The Government has indicated that the solution to the 99-year lease 0 value issue, may be VERS, & that the terms for VERS will not be as favourable as SERS
So, If Sers AMK residents have to top-up as much $187,000 for a 4-room flat – can you imagine what the terms of VERS may be, in the future?
I understand that some of the residents are saddened and unhappy that none of the suggestions to resolve their concerns, in their petition sent to the National Development Minister, on 29 Jun, have been addressed or even answered
Is it fair to ask the AMK residents to exchange their existing 56 years remaining lease, for a 50 years or even lesser lease?
These 2 new options today, do not address any of their concerns, issues & problems, expressed in their petition
Is the HDB, in a way, telling those residents who have to top-up more than $150,000, who are not eligible for another housing loan, or have CPF to pay, for the top-up, to accept a shorter lease, that is even shorter than their existing balance lease?
“Owners of Sers flats in Ang Mo Kio to get option of new units with shorter 50-year lease” (ST, Jul 2)
“The Housing Board on Saturday (July 2) said it will offer affected residents at the four Sers blocks in Ang Mo Kio three-room or larger flats at the replacement sites on a 50-year lease, if the new flat is able to last the owners until they are 95.
Alternatively, HDB will also offer the lease buyback scheme to those aged 65 and over at the Sers site. They can then buy a short-lease replacement flat after that, HDB said.
Under the lease buyback scheme, flat owners can keep a lease that will cover them and their spouse till they are at least 95 years old, and sell the tail end of the lease to HDB.”