Written answer by Ministry of National Development on update on the details of the Voluntary Early Redevelopment Scheme (VERS) policy

Feb 27, 2024

Question No: 5564

Question by: Mr Yip Hon Weng

To ask the Minister for National Development (a) whether he can provide an update on the details of the Voluntary Early Redevelopment Scheme (VERS) policy; and (b) whether alternative solutions will be explored for estates where VERS is not feasible, to address concerns about the feasibility of buying property with a short remaining lease term.

Answer:

          The Voluntary Early Redevelopment Scheme (VERS) is a long-term plan to stage out the redevelopment and rejuvenation of our older towns and estates. It is a complex undertaking, involving detailed long-term town planning. We are working out the details and will share more information when ready.