\nThe response of HDB homeowners to the newly announced Voluntary Early Redevelopment Scheme (VERS) will hinge on its particulars, property experts told TODAYonline.
\n\u201cIt boils down to how (it) will be implemented, and how much flat owners will be compensated\u201d noted ZACD Group executive director Nicholas Mak.
\n\u201cWhat is the threshold needed to secure approval for the scheme? Will compensation be enough to buy another flat to give the flat owner the same standard of living?\u201d<\/p>\n
Singapore University of Social Sciences economics professor Walter Theseira agrees that the offered price will be the most vital consideration. Nevertheless, the scheme could fund itself if prices paid to HDB homeowners are \u201cnot unreasonably high\u201d.
The response of HDB homeowners to the newly announced Voluntary Early Redevelopment Scheme (VERS) will...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-96391","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-p4H","jetpack-related-posts":[{"id":96520,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/vers-announced-early-to-alleviate-worries-over-hdb-lease-expiry\/","url_meta":{"origin":96391,"position":0},"title":"VERS announced early to alleviate worries over HDB lease expiry","date":"August 23, 2018","format":false,"excerpt":"\r More time is needed to fine-tune the details of the newly-announced Voluntary Early Redevelopment Scheme (VERS) for HDB flats such as the price to be offered by the government and whether all public housing will qualify for it, National Development Minister Lawrence Wong told Channel NewsAsia on Tuesday (21\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":100674,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/falling-hdb-resale-prices-a-thorny-issue-for-singapore-government\/","url_meta":{"origin":96391,"position":1},"title":"Falling HDB resale prices a thorny issue for Singapore government","date":"October 30, 2018","format":false,"excerpt":"\r HDB resale prices could slide by up to 2.0% this year. There could be severe political ramifications if the Singapore government fails to adequately address the downtrend in the prices of HDB resale flats and the loss of their value as the lease dwindles, reported Bloomberg recently. \u201cThe government\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102628,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-prices-down-0-9-in-2018\/","url_meta":{"origin":96391,"position":2},"title":"HDB resale prices down 0.9% in 2018","date":"January 2, 2019","format":false,"excerpt":"\r HDB resale flats in the Ghim Moh area. Resale prices of HDB flats dropped by 0.9 percent for the whole of 2018, revealed the Housing and Development Board (HDB) on Wednesday (2 Jan). For the fourth quarter of 2018, resale flat prices dipped by 0.2 percent from the previous\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":97136,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-flat-prices-to-appreciate-but-not-as-fast-as-before-khaw\/","url_meta":{"origin":96391,"position":3},"title":"HDB flat prices to appreciate, but not as fast as before, Khaw","date":"September 3, 2018","format":false,"excerpt":"\r Minister for Transport Khaw Boon Wan debunked claims that Housing and Development Board (HDB) flats are not assets due to their 99-year lease tenure by saying that buyers of a 50-year-old HDB unit can still expect prices to increase over the next 10 years, reported The New Paper. \u201cIf\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":96393,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lease-buyback-scheme-to-be-extended-to-all-hdb-flats\/","url_meta":{"origin":96391,"position":4},"title":"Lease buyback scheme to be extended to all HDB flats","date":"August 21, 2018","format":false,"excerpt":"\r Elderly owners of large Housing and Development Board (HDB) flats can look forward to monetising their flat by selling part of their remaining lease to the government. \u00a0This comes as the Lease Buyback Scheme (LBS) will now be extended to all HDB flats, including five-room and bigger units, to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":37793,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-sees-very-encouraging-response-for-proximity-housing-grant\/","url_meta":{"origin":96391,"position":5},"title":"HDB sees very encouraging response for Proximity Housing Grant","date":"December 12, 2016","format":false,"excerpt":"\r The Proximity Housing Grant aims to help Singaporeans buy resale flats near or with families. The Housing and Development Board\u2019s (HDB) Proximity Housing Grant has received a very encouraging response, with 5,217 households applying for the scheme as at 31 August, involving a total grant of $100.8 million, reported\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/96391"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=96391"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/96391\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=96391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=96391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=96391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nOther key issues that need to be sorted out is the government\u2019s criteria for choosing an HDB precinct to undergo VERS and the pacing of redevelopments, as well as the authorities\u2019 terms and conditions.
\nOn Sunday (19 Aug), Prime Minister Lee Hsien Loong announced several fresh initiatives for HDB flats. Among them is VERS, which will enable HDB homeowners to vote on whether to sell their HDB flats to the government once the age of their block hits 70 years. The offered price is expected to be less than what is offered for the mandatory Selective En bloc Redevelopment Scheme (SERS).
\nMore: Home buyers looking for HDB flats may like to visit our\u00a0Listings
\nWhile CIMB economist Song Seng Wun and MP Alex Yam believe that the prevailing rules on en bloc sales of private properties could serve as a guide for the scheme, the latter warned that HDB homeowners should not expect to profit from VERS just like in the case of collective sales.
\n\u201cThere are, I think, going to be a lot more conditions tied in with VERS\u2026 We didn\u2019t go through so many cooling measures to try to dampen the private en bloc market so VERS can take over,\u201d said Yam, who is also the chairman of the Government Parliamentary Committee for National Development.
\nHe noted that there is sufficient time for the public to provide feedback and for the government to iron out its particulars, given that there are still about two decades before the scheme kicks,
\nHowever, International Property Advisor chief executive Ku Swee Yong fears that VERS could push up the cost of HDB resale flats, as this could spur homeowners to demand higher prices even for units whose leases are nearing its end.
\nMore: Can you afford an HDB flat? Check your\u00a0affordability\u00a0now.\u00a0
\nEugenia Rosaline Shlaen edited this story. To contact her about this or other stories, email eugenia@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Response to VERS to depend on govt\u2019s offered price for HDB flats<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"