Vers must address varied needs of HDB flat owners: Experts

Differing household circumstances should be considered in compensation, they say

- Ng Keng Gene

Compensation for flat owners under the Voluntary Early Redevelopment Scheme (Vers) should account for the varied needs of current and future HDB residents, policy experts said in response to news that the scheme will be fleshed out in the next five years.

The residents include seniors with insufficient savings for new homes, for example, as well as multi-family households who may need larger or multiple replacement flats.

Observers cautioned that the scheme, which National Development Minister Chee Hong Tat said on Aug 5 is likely to be launched in the first half of the 2030s, will need to address these differing circumstances to be successful.

Under Vers, owners of HDB flats that are about 70 years old and above in select precincts choose if they want their homes to be acquired by the Government for redevelopment before their leases run out.

Unlike the Selective En bloc Redevelopment Scheme (Sers) – a compulsory scheme where residents are compensated based on the market value of their flats when a project is announced – Vers' terms will be less generous because the flats are older.