HDB value proposition improves as market awaits scheme details
No immediate impact yet; but owners now have further assurance they would be able to 'cash out' as lease runs down
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Nisha Ramchandani
Singapore
FRESH measures to spruce up and to redevelop ageing HDB flats aren't expected to immediately impact the HDB resale market, say property analysts, who are seeking greater clarity on how the new voluntary early redevelopment scheme (VERS) will be implemented.
In his National Day Rally speech, Prime Minister Lee Hsien Loong announced a multi-billion dollar programme, Home Improvement Programme (HIP) II, which will be launched in 10 years' time to upgrade flats that are 60 to 70 years old; this will see them being upgraded for a second time during their 99-year lease. Meanwhile, the existing HIP, which upgrades flats for the first time at the 30-year mark, is being expanded to include housing blocks built up to 1997. Prior to this, it was offered to flats built up to 1986.
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