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With Vers, it’s time to get real with lease decay and the asset value of HDB flats
Singapore’s public housing model is predicated upon leases ending, so land can be recycled. Policy must reflect that to ensure fairness for current owners and future generations.
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Blocks 81 (left) and 82 (right) Commonwealth Close are among the HDB blocks with the oldest leases. Their 99-year leases began on Jan 1, 1967, which means they have about 40 years left to go.
PHOTO: ST FILE
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Within the next five years, Singaporeans will find out the specifics of the Voluntary Early Redevelopment Scheme (Vers)
This should include long-awaited details on how HDB flat owners will be compensated under Vers, and there is hope among some that the scheme – like the Selective En bloc Redevelopment Scheme (Sers) – will help them avoid facing the day that their leases end and the value of their flats becomes zero.
