Latest news with #NationalDevelopment
CNA
7 hours ago
- Politics
- CNA
Currently no more plans for SERS as efforts pivot to VERS: Chee Hong Tat
The government currently has no further plans for the Selective En bloc Redevelopment Scheme - or SERS - and will instead focus on shaping the Voluntary Early Redevelopment Scheme - or VERS. National Development Minister Chee Hong Tat unveiled more details about VERS - in a first since it was introduced seven years ago at the National Day Rally. It was Mr Chee's first sit-down interview since taking over the role in May. Claudia Lim with more.
Straits Times
12 hours ago
- Business
- Straits Times
BTO income ceiling, age floor for singles being reviewed: Chee Hong Tat
Sign up now: Get ST's newsletters delivered to your inbox National Development Minister Chee Hong Tat said a continued strong supply of BTO flats is needed to make any changes to the eligibility conditions for flat buyers. SINGAPORE – The income ceiling for couples applying for Build-To-Order (BTO) flats, as well as the minimum age of 35 for singles purchasing flats, is being reviewed, and changes to these policies – if any – will depend on upcoming flat supply and demand, said National Development Minister Chee Hong Tat. Speaking to local media outlets on Aug 5, when he laid out some of his ministry's priorities, Mr Chee said a continued strong supply of BTO flats is needed to make any changes to the eligibility conditions for flat buyers. To this end, he said 55,000 BTO flats will be launched between 2025 and 2027 – 10 per cent more than the Government's previous supply commitment of 50,000 flats over the same period. Apart from potential changes to public housing policies, Mr Chee also made announcements on plans to enliven commercial spaces, as well as improve the maintenance of private estates. Eligibility conditions for flat buyers On BTO eligibility conditions that exclude couples who currently exceed the $14,000 income ceiling, as well as singles who are not aged 35 yet, from applying for flats, Mr Chee said these are still being reviewed. 'I want to assure Singaporeans that we are reviewing both income criteria and also the age requirement for singles, and at an appropriate time, we do intend to make some moves,' he said. 'But I want to make sure that when we make those moves, we will not end up with a situation where there's insufficient supply,' he added, noting that the Government has worked very hard to ease the BTO supply crunch caused by the Covid-19 pandemic, when many applicants were not able to choose flats, or faced a very long wait for their new homes. Top stories Swipe. Select. Stay informed. Singapore 55,000 BTO units to be launched from 2025 to 2027, will help moderate HDB resale prices: Minister Singapore Over 118,000 speeding violations in first half of 2025; situation shows no signs of improvement: TP Singapore Israel's plan to step up Gaza offensive dangerous and unacceptable: MFA Singapore Four men arrested in Bukit Timah believed to be linked to housebreaking syndicates Singapore Criminal trial of Hyflux founder Olivia Lum and five others starts Aug 11 Singapore Why some teens cook despite Singapore's da bao culture Singapore Man arrested over hacking attempt on RedeemSG portal Singapore 'We could feel the heat from our house': Car catches fire in Bidadari area From 2021 to 2024, 82,710 BTO flats were launched – more than 20,600 per year on average – while about 19,600 are slated to be launched in 2025, with 10,579 launched thus far. Mr Chee said demand for new flats remains strong, including from young couples who want to own their own home while also living near their parents, instead of the whole family living in the same flat – a practice more common in the past. Whether the income ceiling for couples and the minimum age for singles can be adjusted depends on the supply that can be introduced over the next few years, said Mr Chee. 'Because you can imagine, if we lower the age limit for singles, or if we raise the income threshold, there will be more applicants who qualify and therefore demand will go up,' he said, adding that this demand cannot be met without a strong supply of BTO flats. 'I think it's important for us to create the right conditions to be able to make these policy moves at an appropriate time.' Only when there is sufficient supply to meet increased flat demand can the income ceiling for couples, or age threshold for singles, be tweaked, he said. Business improvement districts The Ministry of National Development will propose new legislation to formalise the Business Improvement District (BID) model, said Mr Chee. This follows a successful pilot by the Urban Redevelopment Authority (URA) that has been ongoing since 2017. Under the BID programme , private-sector property owners and businesses take collective ownership of the precincts they operate in, by pooling funds for marketing, hospitality and organising events. Under the pilot BID programme, businesses in each participating precinct had to develop a multi-year business plan and contribute funds to roll out programmes. To kick-start the programme, the government offered support by matching every membership dollar raised dollar-for-dollar, up to a cap of $500,000 per annum. Four BIDs are still active – in Marina Central (from January 2020), Tanjong Pagar (from September 2019), the Singapore River (from April 2017) and Raffles Place (from January 2020) – while a BID for Marina Bay called the Marina Bay Alliance operated from January 2020 to December 2023. Programmes organised include the Singapore River Festival by Singapore River One, and District M, a pop and electronic music festival by the Marina Central BID. Mr Chee said the Government hopes that formalising the BID model will result in more BIDs being set up across Singapore. He added that the new laws will leverage the established BID framework and safeguards to allow commercial property owners to self-organise and form their own BIDs. In turn, commercial precincts are expected to be livelier with the insertion of new programmes. He said one sector that could be revitalised by the BID model is the nightlife industry . URA said the Government is aiming to enact the BID legislation within the next two years. Change-of-use applications To shorten regulatory processes and lower costs for some businesses, the Government is working on streamlining processes such that applications to URA will no longer be required. Currently, businesses need to obtain URA's permission for change of uses within commercial spaces in JTC business parks and community centres managed by the People's Association (PA) – a process that takes about two weeks and costs $500. URA's permission is also required for land-based solar farm projects, and comes with a $3,500 application fee. Mr Chee said the Government is working towards no longer requiring URA's permission to be granted in both these instances. URA said the rule tweaks regarding change of use will apply to 'selected commercial uses in PA's community centres' – for instance, changing a shop to a gym. The agency said JTC and PA will assess and administer proposals for authorised commercial uses on their respective premises, and work directly with tenants on operational matters. As for the rule changes for land-based solar farms, URA said they will apply to those to be set up on state and statutory board-owned land. 'The respective land owner agencies would have already obtained URA's upstream land use approval for the land-based solar projects,' said the agency. URA said the streamlined processes are expected to be implemented in 2026. Private estate maintenance Noting that both public and private estates in Singapore are ageing, Mr Chee said the Government is reviewing the Building Maintenance and Strata Management Act to better enable management corporation strata titles (MCSTs) to upgrade their developments. This comes on the back of a growing number of condominium developments grappling with deteriorating infrastructure and insufficient sinking funds to carry out major repair and replacement works. In addition, Mr Chee said that in line with Age Well SG – a national programme to support seniors to age well in their homes and their communities – the Government will study how the Building and Construction Authority's Accessibility Fund can better support MCSTs. The fund provides grants to building owners to upgrade their existing buildings with essential accessibility features, such as ramps, wheelchair-friendly lifts and accessible carpark spaces. Studies are still at the early stage, said Mr Chee.
Business Times
12 hours ago
- Business
- Business Times
No more Sers for older HDB estates for now, but voluntary scheme likely to begin in the 2030s
[SINGAPORE] The government does not plan to continue its selective en bloc redevelopment scheme (Sers) to rebuild older public housing estates, said Minister for National Development Chee Hong Tat in a media interview on Aug 5. Instead, its priority during this term of government is to develop the framework for the voluntary early redevelopment scheme (Vers), which will be implemented only from the first half of the 2030s, he said. This means setting parameters to identify possible Vers sites, ensuring sufficient homes are ready in time for relocation of residents who are involved in the scheme, and working out a fair package for such residents. 'After we have established the Vers framework and parameters, we can then start with a few selected sites… and (scale it up) by the late 2030s,' said Chee. That is when some of Singapore's older public housing flats, which were built in the 1970s and 1980s, reach their 70-year mark. 'If we leave all the leases to naturally run down, we will need to relocate a large number of residents and build many new homes within a short time in the 2070s and 2080s,' he said. 'This will be very disruptive to residents who are staying in these towns.' The redevelopment of these older estates will instead be progressively staged over 20 to 30 years, allowing the authorities to be more strategic in replanning ageing towns, as well as to reap 'some of the land intensification and estate rejuvenation gains earlier'. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Ideally, Vers residents would be relocated to a new flat nearby, said the minister. The redeveloped flats can then serve as replacement housing for the next group of residents undergoing Vers, minimising disruption for the entire town. Chee added that unlike Sers, which involves precincts with high redevelopment potential and is highly selective, there is less financial upside with Vers since the flats are older. In 2022, households in 606 Ang Mo Kio whose flats were picked for Sers received compensation of up to S$450,000 . Those flats were completed in 1979 and were about 43 years old then. The compensation was based on the flats' prevailing market value at the time of the Sers announcement. On top of that, flat owners received a grant of S$30,000, a removal allowance of S$10,000 to defray the relocation cost, and payment of stamp and legal fees for the purchase of a replacement flat equivalent in value to their Sers flat. 'The terms (for Vers) will be less generous,' said Chee. Given that Vers is voluntary, residents may collectively decide not to proceed with it. 'For these residents, they can continue to stay in their flats until the leases run out,' he said. 'The government will support them in other ways to keep their flats and their estates liveable and vibrant.' For these older flats, the government will introduce a second round of the home improvement programme (HIP), which will be more extensive than the current HIP package. Details will be given next year. The HIP was introduced in 2007 to spruce up older housing estates and make essential improvements for public health and safety. Initially, this was for flats built up to 1986. The programme was extended in August 2018 to include flats built between 1987 and 1997. 'After the HIP, with flat owners doing their part with regular maintenance, the flats should be good for another 30 to 40 years before they start to show their age again,' said Chee. With HIP 2, Chee said flats that reach the 60-year mark will be given a second round of maintenance works – such as solutions for spalling concrete – to ensure they 'will be good enough to last the flat owners till the end of lease'. The government will also study ways to enhance the living environment of older estates. Existing programmes under HDB include the Neighbourhood Renewal Programme (NRP), and the Silver Upgrading Programme (SUP) in precincts with a higher density of seniors but which may not qualify for the NRP. For private estates, Chee said the government was reviewing the Building Maintenance and Strata Management Act to better enable management corporations (MCSTs) to upgrade their developments. Authorities were also studying how the Accessibility Fund can better support MCSTs in providing more inclusive infrastructure within condo developments, said Chee. The fund, managed by the Building and Construction Authority, provides financial support to building owners to upgrade their development with more accessibility features. 'We have done quite a bit for public housing,' said Chee. 'But we are now exploring, because we also have seniors staying in older private estates, so we need to see how can we put in some of these support measures to meet their needs, and help our older private estates to rejuvenate and to keep the estate liveable for our residents.' On the topic of 99-year leases, Chee said that HDB flats and most private properties are sold with 99-year leases 'to be fair to future generations'. When the land returns to the state after its lease expires, it can be recycled to build new homes for future generations, said the minister. 'This helps to improve inter-generational mobility, and prevent our society from being split into property owners and those who are not, which will be unequal and socially divisive.' It also allows housing estates to be 'rejuvenated and refreshed over time to better meet the evolving needs of successive generations', he said. That is why measures are in place to discourage young homebuyers from purchasing properties with shorter leases that may not last them for life, said Chee. These include limits on loans for older properties with short leases remaining. 'The vast majority of HDB households have flat leases that cover the owners to age 95 or more.'
Sky News
2 days ago
- Climate
- Sky News
China orders 'all-out' rescue operation as 10 killed and dozens missing after floods
President Xi Jinping has ordered "all-out" rescue efforts in China's dry and mountainous northwest after severe flash floods, triggered by exceptionally heavy rainfall. The extreme conditions have resulted in at least 10 deaths and have left 33 people missing. Heavy rainfall began around 6pm on Thursday, triggering flash floods in Yuzhong, Gansu province, and leaving about 4,000 people stranded. One mountainous area in Yuzhong County saw up to 195mm (7.7in) of rainfall since Thursday evening - around half of the 300mm to 400mm it typically gets in an entire year. Ankle-deep muddy water could be seen flowing down a hillside road, bordered by trees that had been torn from the ground. "The top priority must be to make every possible effort to search for and rescue missing people, relocate and resettle people under threat, minimise casualties, and restore communications and transportation as quickly as possible," President Xi said. He warned local authorities against falling into "complacency and negligence" amid the recent surge in extreme weather events. Yuzhong lies amid gullies and hills composed of wind-blown silt on one of the largest loess plateaus in the world. This loose soil structure makes the area prone to flash floods and landslides, as it becomes unstable when soaked in water. 1:58 Heavy rains and flooding have killed at least 60 people across northern China including the capital Beijing since late July. The National Development and Reform Commission announced on Friday that it has allocated 100 million yuan (£10.4m) to support rescue efforts in Gansu following the disaster. Since April, China has pledged at least six billion yuan (£622m) in disaster relief funding.
Business Times
5 days ago
- Business
- Business Times
The evolving role of listed company directors
Singapore is on a mission to revitalise its capital markets. A high-level working group chaired by Minister for National Development Chee Hong Tat has been set up, and a slew of measures have been rolled out. Most recently, the Monetary Authority of Singapore (MAS) placed S$1.1 billion into the hands of an initial three fund managers to invest in Singapore Exchange-listed stocks, with an additional S$3.9 billion to come. It has further committed S$50 million to support equity research and reinvigorate the listed product ecosystem. Other initiatives have been announced, including to boost investors' recourse against errant boards and management. In tandem, the Code of Corporate Governance is being refreshed. At the same time, high drama has played out on Singapore's corporate stage. The battle for control of the boardroom in family-controlled City Developments Limited kept the business community glued to the news for weeks. The liquidators' claim against Goh Jin Hian, a non-executive director in a company defrauded by the executive management who had absconded, raised alarm in the independent director community. A collective sigh of relief was heaved in boardrooms when the Appellate Court reversed much of the High Court decision, clarifying that the role of a director is to be sentinel, not sleuth. These cases engendered some soul-searching into the nature of directors' duties in Singapore. Regulatory and shareholder demands on directors are clearly increasing. Concurrently, the issues that the boards of today are required to oversee are expanding in number and complexity. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up It is high time to re-examine the role of directors in listed companies. Directors' expanded duties The Companies Act requires directors to manage the business of the company, and to act in its best interests, honestly and with reasonable diligence. In law school, undergrads are taught that the interest of the company is that of the shareholders when the company is solvent, and its creditors when it is not. But the business landscape has changed. Additional 'stakeholders' have sprung up. Environment, social and governance (ESG), charitable endeavours and environmentally friendly business practices may not directly improve the bottom line for shareholders, but are becoming metrics against which the company's directors are measured. Now layer on the fact that the world has become more complex. While directors previously focused mainly on financial, legal and operational concerns, they must now grapple with serious emerging issues such as climate change, sustainability and cybersecurity, which require specialist expertise beyond the average lawyer or accountant. More shareholder activism also increases the risk of directors being sued. In this evolving operating environment, what is the new role of the listed company director? I suggest that directors' obligations fall broadly into two baskets. Risk management First comes risk management. This is the traditional understanding of the board role, and the aspect that the Companies Act and common law have articulated in detail. Into this basket falls managing legal, financial and business risks, all well understood by the business community. But the range of risks facing companies has expanded significantly. ESG reporting is now mandated by listing rules and is a key metric used by institutional investors to evaluate a company, before they plough in capital. Under this broad umbrella, climate change, diversity in hiring policies and sustainable business practices have become hard deliverables. Compliance is another growing area of risk, with more global scrutiny on anti-money laundering, anti-bribery and regulatory compliance. And those are just the newly added risks facing boards today. Directors also have to consider emerging risks. The rise of artificial intelligence (AI), the acceleration of digital disruption and increasing instances of cyberattacks make technology-associated risks a concern. Beyond these, the modern listed company director must also stay on top of geopolitical and societal developments to consider their likely future impact on the company and the industry in which it operates. Value creation The second basket – that of director as value creator – is less commonly recognised. 'Value creation' sounds like a waffly, intangible mission, but is an increasingly critical one. Previously, the equation was simple. It was for management and the controlling shareholders to build the business. If the business did well, profits would go up and public investors would pile in. In today's world, listed companies navigate more complex terrain. Profitability is no longer the only game in town. A small/medium business may be money-making but if there is scant research coverage, retail investors will not know about it, especially if it is not in a sexy sector. Investor relations skills are thus crucial to put the company on investors' radar screens. Also important is understanding the metrics that institutional investors use to assess potential buy orders, in order to effectively position your business to greater advantage. While profitability is still important, nowadays investors – especially the more sophisticated ones who can write larger cheques – consider a wider range of factors. Among them, ESG performance, growth potential and market penetration. Boards also have to provide oversight on strategy and long-term sustainability. Keeping abreast of technological advancements and even changing societal expectations will be key performance indicators. Nor can stakeholder and brand management be ignored. Companies may get punished for unethical decision-making or delayed disclosures. The crisis management response that data platform company Astronomer swung into when its chief executive and its human resource head were caught canoodling at a Coldplay concert – hiring Hollywood star Gwyneth Paltrow to front a disaster recovery publicity campaign – showed the need for a smart, substantive and speedy reaction. Reinventing the Singapore listed company director Singapore boards need to understand the expanded purview of their roles, and move beyond traditional risk management. They also need equipping. Diversity targets, net-zero aspirations and external communications are new and varied challenges. Courses should be structured to prepare them for the new iteration of their role. These could include baseline skills for small/medium companies such as investor relationship management and presentation skills. More established companies would need help in forward-looking training, for example understanding the complexities of ESG compliance to implement effective change and not just produce a virtue-signalling Sustainability Report. Capacity-building related to AI adoption to unlock productivity savings and to manage cyber risks is also needed. We are on track to improve our capital market. Market sentiment has improved since the MAS announcements. But government capital to shore up the stock market is not sustainable. To attract big foreign money, small and medium Singapore companies will need to embrace a broader definition of corporate governance, and ultimately reinvent the board to be future-ready. The writer is joint managing partner, TSMP Law Corp
