The Usual Place Podcast: To Vers or not to Vers: How will this scheme affect HDB prices?
The clock is ticking on the leases for older Housing Board flats, and an answer on what the Government plans to do about lease decay dropped earlier this week.
National Development Minister Chee Hong Tat
gave an update on the Voluntary Early Redevelopment Scheme (Vers) in an interview that was published on Aug 10, outlining in broad strokes the plans for flats nearing the end of their 99-year leases.
The gist: Vers will let home owners of selected precincts that are aged about 70 and up choose if they want their homes to be acquired by the Government for redevelopment before their leases run out.
The scheme will start in the 2030s, and will likely begin 'with a few selected sites', said Mr Chee.
For many homeowners living in old flats, this announcement provides them with some direction on what happens should they choose Vers – or not.
In this episode of The Usual Place, ST land use reporter Ng Keng Gene and Ms Christine Sun, chief researcher and strategist at Realion Group, join me to discuss how this announcement will affect housing prices and considerations for buying an old flat.
Tune in at 12pm SGT/HKT to watch the livestream, and share your thoughts on our YouTube channel.
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