Keep Vers for HDB flats simple and fair

[SINGAPORE] There is ample time to develop the framework for the voluntary early redevelopment scheme (Vers), as the scheme – which has yet to be rolled out – will be implemented only from the first half of the 2030s.  

Nonetheless, Minister for National Development Chee Hong Tat said a priority during this term of government is to develop the framework for Vers. 

Under Vers, owners of Housing & Development Board (HDB) flats aged 70 years and older will vote on whether the government should buy back their homes before their leases run out. This helps address lease decay – the erosion of a flat’s value as the end of its 99-year lease approaches.