The clock is ticking on the leases for older Housing Board flats, and an answer on what the Government plans to do about lease decay dropped earlier this week.

Synopsis: Join Natasha Ann Zachariah at The Usual Place as she unpacks the latest current affairs with guests.

National Development Minister Chee Hong Tat updated on the Voluntary Early Redevelopment Scheme (Vers) in an interview that was published on Aug 10, outlining in broad strokes the plans for flats nearing the end of their 99-year leases.

The gist: Vers will let home owners of selected precincts that are aged about 70 and up choose if they want their homes to be acquired by the Government for redevelopment before their leases run out.

The scheme will start in the 2030s, and will likely begin “with a few selected sites”, said Mr Chee.

For many homeowners living in old flats, this announcement provides them with some direction on what happens should they choose Vers – or not.

In this episode of The Usual Place, ST land use reporter Ng Keng Gene and Ms Christine Sun, chief researcher and strategist at Realion Group, join me to discuss how this announcement will affect housing prices and considerations for buying an old flat.

Highlights (click/tap above):

3:12 How Vers differs from Sers, and why isn’t Vers compulsory

16:02 The update on Vers might spur more transactions of older flats based on previous trends, said Christine

18:10 How will the prices of resale flats be affected, and will newer flats be more attractive?

24:51 Location and amenities might be a key factor that affects votes

33:27 Should home owners worry about not being able to pay for a new Vers flat replacement?

Read ST’s article on courses in yapping: https://str.sg/d82q

Host: Natasha Ann Zachariah (natashaz@sph.com.sg)

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Filmed by: Studio+65

Edited by: Teo Tong Kai & Eden Soh 

Executive producers: Ernest Luis & Lynda Hong

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