Flats with owners under Lease Buyback Scheme can still qualify for Vers

Seniors who sell part of their flat’s leases back to HDB under the Lease Buyback Scheme, but later give up the flat because of the Voluntary Early Redevelopment Scheme (Vers), will be reimbursed taking into account the value of their remaining retained lease.

- Ng Keng Gene Correspondent

Under such circumstances, “the Government will ensure that (the senior) receives a fair package, which takes into account the value of the remaining retained lease of his flat”, said National Development Minister Chee Hong Tat in a written parliamentary reply on Oct 15.

He was responding to questions from Mr Foo Cexiang (Tanjong Pagar GRC), who asked if flats with owners under the Lease Buyback Scheme will still qualify for Vers.

The Lease Buyback Scheme, which was launched in 2009, allows those aged 65 and older to supplement their retirement income by selling part of their flat’s lease back to HDB.

Under Vers, the Government takes back flats before the end of their 99-year lease to redevelop them and meet housing needs.