ST Explains: What is Vers and which HDB estates could the scheme be rolled out in?
Singapore is aiming to roll out the scheme to a few sites in the first half of the 2030s.
SINGAPORE - The Government will be focusing its efforts on the Voluntary Early Redevelopment Scheme (Vers), with the aim of rolling it out to a few sites in the first half of the 2030s.
National Development Minister Chee Hong Tat said in an interview on Aug 5 that there are
no plans for further projects under the Selective En bloc Redevelopment Scheme (Sers) .
The Straits Times explains what are the two schemes and what we know so far about Vers.
1. What is Sers?
Under Sers, the authorities select old Housing Board blocks to be demolished and redeveloped. The scheme is compulsory.
Home owners are compensated based on the market value of their flats when the project is announced, and the option to buy a new replacement flat nearby with a fresh 99-year lease. They are also given rehousing benefits such as a grant of $30,000 to buy a new flat.
HDB previously said that about 5 per cent of flats are estimated to be eligible for Sers.
To date, 80 Sers projects have been completed since 1995, while two are still in progress.
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2. What is Vers?
Vers, which has yet to be rolled out, will allow owners of flats aged 70 years and older to vote for the Government to buy back their homes before their leases run out.
It is the proposed solution to lease decay, which is the erosion of a flat's value as the end of its 99-year lease approaches.
Vers was
first announced by former prime minister Lee Hsien Loong in his National Day Rally speech in 2018. He said then that Vers would allow the authorities to redevelop older HDB towns in an orderly way - paced over two to three decades, rather than crammed in four or five years.
On Aug 5, Mr Chee said the authorities aim to develop and flesh out the Vers framework in the current term of government. This includes setting parameters to identify sites under the scheme, working out a fair compensation package for Vers residents and ensuring there are enough homes ready in time for them to relocate to.
3. What will Vers look like?
Details of replacement flats for residents of Vers projects, such as lease options, have yet to be announced. The voting threshold for a Vers project to go ahead is also unknown at this point.
In his interview, Mr Chee said that ideally, new flats for residents of Vers projects will be built not too far from their existing homes.
On compensation, he noted there will be less financial upside to Vers, unlike Sers, as the flats will be older.
He also added that the scheme has to be fair to the current generation of flat owners, as well as financially sustainable for future generations.
The existing precinct can then be redeveloped, and used to build new homes for residents of a subsequent Vers project, he said.
4. Which estates could Vers be rolled out in?
Mr Chee pointed out that several older estates were rapidly built up in the 1970s and 1980s to meet the urgent housing demand then.
Examples of towns built in the 1970s and 1980s include Ang Mo Kio, Bedok, Tampines and Yishun.
According to ERA Singapore, 356 blocks were built in Ang Mo Kio during this period, and about 39,600 new flats were sold by the HDB then. Some 419 blocks were completed in Bedok, with about 47,000 new flats sold.
In the 1980s, 494 blocks were built in Tampines and 487 blocks in Yishun. In each town, more than 40,000 new units were sold.
In addition, some of Singapore's oldest flats on 99-year leases were completed as early as in 1962, making them 68 years old in 2030. These flats are located in areas such as Tanjong Rhu, Tiong Bahru and Dakota.
5. What is the timeline for Vers?
The authorities will first seek Singaporeans' views and feedback on Vers before rolling out the scheme to 'a few selected sites' in the first half of the 2030s.
It will progressively scale up Vers by the late 2030s, with the aim to offer Vers to selected estates in different parts of Singapore, Mr Chee said.
6. Why are there no plans for more Sers projects?
In a written parliamentary reply in 2022, the Ministry of National Development said it does not expect many more sites to be eligible for Sers as most of the projects with high redevelopment potential have already been selected.
The latest Sers project, which is currently ongoing, involves
Blocks 562 to 565 in Ang Mo Kio Avenue 3 and was announced in April 2022. Some 606 households were affected.
Completed in 1979, these blocks were around 43 years old when they were selected. The replacement flats are expected to be completed in the third quarter of 2027.
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