Yahoo Finance Government will transition to VERS once SERS limit is reached
Mr Lawrence Wong in speaking on the sidelines of a Reach forum said that the Government will transition to VERS once the SERS limit is reached. SERS (or Selective En Bloc Redevelopment Scheme) is an urban redevelopment strategy employed by the Housing and Development Board (HDB) in maintaining and upgrading public housing flats in older estates.
Launched in August 1995, SERS involves a small selection of specific precincts in older estates which undergo demolition and redevelopment to optimise land use, as opposed to upgrading of existing flats via the Main Upgrading and Interim Upgrading Programmes. Mr Wong, the Minister for National Development said that according to HDB’s estimates, only about 5 per cent of flats are suitable for SERS.
He said SERS will continue to run its course until all remaining sites with high development potential have been cleared.
Prime Minister Lee Hsien Loong in his 2018 National Day Rally Speech introduced the VERS, or Voluntary Early Redevelopment Scheme (VERS).
He said:
Mr Wong said that the Government was seeking more feedback on VERS and that it would finetune the new Government programme accordingly. He added that it would be “unproductive” to play up expectations of homeowners due to the VERS.
“All of us, including the media, (have) to make sure that we don’t play up expectations of the market or … get people all excited and too overly exuberant … thinking that this will help to prop up the resale market,” Mr Wong said.
Adding that stakeholders should also avoid speculating in the market hoping for a “big payout at the end of the day”.
The Government said that it will try its best to manage expectations of Singaporeans on VERS.
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