Early redevelopment scheme 'gives owners of ageing flats viable exit option'

Singapore

PRIME Minister Lee Hsien Loong's announcement of the Voluntary Early Redevelopment Scheme (Vers) on Sunday will provide home owners of ageing flats with a viable exit option, consultants believe.

The announcement comes after the government last year cautioned home buyers not to assume that all old public housing flats will be automatically eligible for the Selective En bloc Redevelopment Scheme (Sers) - a scheme where the government buys back blocks of old flats from residents and gives them compensation and rehousing benefits.