First voluntary redevelopment projects for HDB flats likely to be launched in first half of 2030s

Terms of scheme not finalised; authorities will seek views from public, says minister

- Ng Keng Gene

The Voluntary Early Redevelopment Scheme (Vers) for Housing Board flats will likely begin with a few sites in the first half of the 2030s, National Development Minister Chee Hong Tat said in a long-awaited update on the scheme.

Looking ahead, the Government will focus its efforts on Vers, with no plans for further projects under the Selective En bloc Redevelopment Scheme (Sers), he told local media outlets in an interview on Aug 5.

Mr Chee also gave an update on Home Improvement Programme II, or HIP II, which refers to the second round of upgrades that HDB flats will undergo, to last flat owners till the end of their 99-year lease.

Under both Sers and Vers, the Government takes back flats before the end of their 99-year lease to redevelop them and meet housing needs.

While Sers is a compulsory scheme, which gives the Government full discretion on which HDB precincts to redevelop, Vers will involve homeowners of selected precincts that are aged about 70 and up choosing if they want their homes to be acquired by the Government for redevelopment, before their leases run out.

Under Sers—which began in 1995—homeowners are compensated based on the market value of their flats when a project is announced.

The latest Sers project, which is currently ongoing, involves Blocks 562 to 565 in Ang Mo Kio Avenue 3 and was announced in April 2022.

The terms of Vers have not been finalised. Mr Chee on Aug 5 set out the timeline for its implementation, in the first significant update since Vers was announced at the 2018 National Day Rally.

"In this term of government, our aim is to develop and flesh out the Vers framework," said Mr Chee, who took office in May following the general election. The next election must be called by 2030.