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#1

Posted 19 August 2018 - 09:58 PM

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NDR 2018: Scheme planned to redevelop more old HDB flats before leases end

 

source: https://www.channeln...before-10631458

 

 

SINGAPORE: The Government is planning a new scheme which will allow more HDB households to benefit from redevelopment before the 99-year leases on their flats expire, Prime Minister Lee Hsien Loong announced on Sunday (Aug 19).

The Voluntary Early Redevelopment Scheme (VERS) is part of a “long-term plan” to allow the Government to progressively redevelop precincts, Mr Lee said in his National Day Rally speech. It will take place when the flats reach about 70 years of age, he added.

Mr Lee said that the Government will compensate residents whose flats are taken back early, and will also help them get another flat to live in, just as they would if their leases had run out.

But the terms will be less generous than that of the Selective En-Bloc Redevelopment Scheme (SERS), as there will be “less financial upside”.

Hence, he said, the scheme will be voluntary, and residents would have to vote for VERS, just like they currently do for the Home Improvement Programme (HIP).


Read more at https://www.channeln...before-10631458

 


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#2

Posted 19 August 2018 - 10:05 PM

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Summary of the VERS

 

1) with Voluntary Early Redevelopment Scheme (VERS), owners of older HDB flats will now get a shot at going en-bloc before their leases run out, hence less worry of value going to zero when lease expires

 

2) Under VERS, these residents in eligible precincts can vote to have the Government take back their flats, starting from around the 70-year mark of their lease.

 

3) The move will also allow the authorities to progressively redevelop old estates over a longer period, instead of only when their leases expire.

 

4) compensation terms will be less generous than those for the Selective En bloc Redevelopment Scheme (SERS), because there is less financial upside for the government to take back these flats early.

 

5) Only 5 per cent of flats are estimated to be eligible for SERS, the rest can opt for VERS through collective agreement (details to be confirmed)


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#3

Posted 19 August 2018 - 10:25 PM

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When the flat is 70 year old, the remaining lease is 29 years. If the voting for VERS failed, by then if owner wants to sell the flat in the open market, dont think there will be any buyers or flat worth much.


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#4

Posted 19 August 2018 - 10:39 PM

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likewise for pte lh99, not every aging condo put up for enbloc sales gets the deal

at least with VERS , hdb owners now have another option , rather than let the asset depreciate to zero at 99th yr

 

When the flat is 70 year old, the remaining lease is 29 years. If the voting for VERS failed, by then if owner wants to sell the flat in the open market, dont think there will be any buyers or flat worth much.

 


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#5

Posted 19 August 2018 - 10:55 PM

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likewise for pte lh99, not every aging condo put up for enbloc sales gets the deal

at least with VERS , hdb owners now have another option , rather than let the asset depreciate to zero at 99th yr

But hdb only allow owners to opt for VERS when the flat is at the age of 70 years which i think too old liao. If owners can accept their flat to reach 70 years and still staying in that flat, dont think the owner would want to move out from the flat lo.


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Clothe yourselves with compassion, kindness, humility, gentleness and patience.
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#6

Posted 19 August 2018 - 11:07 PM

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true also

70yr is a long time to wait

say a person bought the new hdb at age 25, 70yr later he 95yr old

maybe no more around, and his kids already nearing 70yr old also, cannot take over the old house and need to sell in resale market; plus, who want to buy 70yr old house for own stay, unless is for enbloc purpose

so the new gen of owners who speculate in 70yr old houses will become the new owners and put up the VERS request , provided they are following HDB eligibility to sell

 

But hdb only allow owners to opt for VERS when the flat is at the age of 70 years which i think too old liao. If owners can accept their flat to reach 70 years and still staying in that flat, dont think the owner would want to move out from the flat lo.

 


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#7

Posted 20 August 2018 - 12:12 AM

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hdb will calculate value of flat based on 70 Yr old resale value :p
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#8

Posted 20 August 2018 - 12:37 AM

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Value of 70 yo can’t even buy a main door...TCSS only lah

#9

Posted 20 August 2018 - 07:00 AM

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After selling / en-block the 70 years old flat, those will are old and jobless can afford to buy another one ? How about cost of Reno, furniture etc ? Need to get new loan again, by that time, don’t even know any bank/HDB will approve the loan or not.
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#10

Posted 20 August 2018 - 07:31 AM

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But hdb only allow owners to opt for VERS when the flat is at the age of 70 years which i think too old liao. If owners can accept their flat to reach 70 years and still staying in that flat, dont think the owner would want to move out from the flat lo.

nod Nod..must consider the resident mix of those 70yo residents.
Old folk or working adult.

After selling / en-block the 70 years old flat, those will are old and jobless can afford to buy another one ? How about cost of Reno, furniture etc ? Need to get new loan again, by that time, donât even know any bank/HDB will approve the loan or not.

yes yes...

many factors. shifting to another estate. financial cost for old folk since is not one-one replacement.

Edited by Kopites, 20 August 2018 - 07:29 AM.


#11

Posted 20 August 2018 - 08:37 AM

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hdb will calculate value of flat based on 70 Yr old resale value :p

They really know how to calculate, implement such VERS scheme. Advantage to themselves again but not the people.  -_-  


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#12

Posted 20 August 2018 - 08:45 AM

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They really know how to calculate, implement such VERS scheme. Advantage to themselves again but not the people. -_-

its well-known that every policy churned out is actually targetted for results 20-30 yrs down the road. For every plan made there is a contingency plan should the initial target becomes untainable. Nothing is done on a wimp......
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#13

Posted 20 August 2018 - 08:47 AM

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likewise for pte lh99, not every aging condo put up for enbloc sales gets the deal

at least with VERS , hdb owners now have another option , rather than let the asset depreciate to zero at 99th yr

 

enbloc there can be many potential buyers.

 

for VERS, there is only one buyer.

 

Am sure even non-economics students know what happens to the price when there is only 1 buyer in the market. But yeah, at least it is an "alternative".


Edited by Kusje, 20 August 2018 - 08:48 AM.

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That is all.

#14

Posted 20 August 2018 - 08:52 AM

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got rice eat rice

got porridge eat porridge

 

enbloc there can be many potential buyers.

 

for VERS, there is only one buyer.

 

Am sure even non-economics students know what happens to the price when there is only 1 buyer in the market. But yeah, at least it is an "alternative".

 


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#15

Posted 20 August 2018 - 09:01 AM

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After selling / en-block the 70 years old flat, those will are old and jobless can afford to buy another one ? How about cost of Reno, furniture etc ? Need to get new loan again, by that time, don’t even know any bank/HDB will approve the loan or not.

 

Assuming the flats are taken back at 30% of a new flat's price, the old can be sent invited to move to a retirement/nursing home in Johor using the proceeds.  Should be enough together with other subsidies/CPF.

 

Jobless ones - go get a job!


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#16

Posted 20 August 2018 - 09:08 AM

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My guess is roughly 50% of price compensation as compared to a new HDB flat in the vicinity (at future prices), when the HDB reaches 70 years old. 40-60% would be acceptable.

 

http://smartproperty...ulation-of.html


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#17

Posted 20 August 2018 - 09:13 AM

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if HDB 99 lease can last forever, then singapore no more condo.
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#18

Posted 20 August 2018 - 09:19 AM

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They really know how to calculate, implement such VERS scheme. Advantage to themselves again but not the people. -_-

definitely. a political leverage when come to election time. Picture what type of speech will be garner during election rally.😣

who created such a mess? Now residents paying the the cost of such mess.

we need army to protect our public housing/country such misleading statement. what is there to protect if we don't even has a home!

#19

Posted 20 August 2018 - 09:31 AM

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In 1997 GE, PaP play the lift and main upgrading programme carrot, you go to Hougang Avenue 3 and you would know, on one side stand the old flats in Hougang smc which didn’t have the main upgrading program as they voted Oppo, on the other side is the Paya Lebar division which was upgraded under the main upgrading program with extra utility rooms etc.

This time around, the stakes are larger, you vote for me, I would VERS you, if die die wanna vote Oppo, you can stay in your slum until 99th year and at most get a few hundred dollars for the concrete much like how scrap car dealer offer you few tens of dollars for your “Chao tee”.
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#20

Posted 20 August 2018 - 09:32 AM

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got rice eat rice
got porridge eat porridge

what if we live on borrowed rice? Even the porridge becomes borrowed! One of my friend bought a ground unit in Queenstown. Reason was its as close to living in a landed for a hdb dweller. Flat is 2 or 3 storeys and lease should be less than 30 yrs left.......he bought it cheap and now what is the value now since he bought with sers in mind.
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