The Usual Place Podcast
To Vers or not to Vers: How will this scheme affect HDB prices?
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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.
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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,
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.
Highlights (click/tap above):
3:12 What is Vers, and how is it different from Selective En bloc Redevelopment Scheme (Sers)?
6:38 What we don’t know yet about Vers
8:19 Why didn’t the Government make Vers compulsory?
9:58 It’s costly for the Government to proceed with Sers, said Keng Gene
10:39 What happens to old flats that don’t get the Vers option?
12:52 Will the announcement change the outlook for home owners in older flats?
16:02 The update on Vers might spur more transactions of older flats based on previous trends, said Christine
18:10 How will the prices of resale flats be affected, and will newer flats be more attractive?
20:39 The social impact of Vers on home owners who don’t want to move
22:53 The voting for Vers will be interesting to watch, said Christine
24:51 Location and amenities might be a key factor that affects votes
26:41 Why did the Government decide to start the conversation about Vers now?
33:27 Should home owners worry about not being able to pay for a new Vers flat replacement?
36:17 To Vers or not to Vers, tell us your take
Host: Natasha Ann Zachariah ( natashaz@sph.com.sg
Read Natasha’s articles: https://str.sg/iSXm
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Filmed by: Studio+65
Edited by: Teo Tong Kai and Eden Soh
Executive producers: Ernest Luis, Lynda Hong, Danson Cheong & Elizabeth Khor
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