Older Flats for VERS may be redevelop by private developers.

Older Flats for VERS may be redevelop by private developers.

Minister for National Development Lawrence Wong said in Parliament (Sept 10) that he “will not rule (private developers) out”. Minister Wong was responding to a suggestion made by Ms Cheryl Chan.

Prime Minister Lee Hsien Loong introduced the new Voluntary Early Redevelopment Scheme (VERS) at last month’s Nation Day Rally. The government plans to redevelop and rejuvenate HDB flat which are 70 years of age under VERS, the schemes will take effect in about 20 years time.

“let’s be very clear that our role is to redevelop public housing estates… so we will need to ensure that any redevelopment is done in a way which supports HDB’s mission to provide affordable and quality homes for Singaporeans,” Minister Wong added.

Four MPs brought up concern their residents have on VERS. Concerns such as which precincts would be selected and how much notice and compensation if their flat was selected for VERS.

Minister Wong replied in Parliament that the Government need more time to work out the details, thought he did not say when these details would be released. “In particular, we will ensure that we implement Vers in a fiscally sustainable way, so that it does not become a burden for the next generation,” he said.

Minister Wong mentioned that more flats would be selected for VERS, as compares to SERS. However, the compensation terms for Vers would be less generous “because we will be redeveloping land that is more built up”, he said.

As these plans that will span the next few decades, Mr Wong said: “Whether they come to pass depends on our external, economic and financial situation. But this Government has a track record of delivering on our commitments.”

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