Compensation, rehousing options crucial to flat owners from older estates selling their flats under Vers
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The size of the compensation package and rehousing options will weigh heavily in their decision to sell their HDB flats back to the Government under the Voluntary Early Redevelopment Scheme (Vers), elderly residents living in older estates have said.They werCompensation, rehousing options crucial to flat owners from older estates selling their flats under Vers
The size of the compensation package and rehousing options will weigh heavily in their decision to sell their HDB flats back to the Government under the Voluntary Early Redevelopment Scheme (Vers), elderly residents living in older estates have said.They were reacting to National Development Minister Chee Hong Tat’s remarks in an interview that his ministry aims to use the current term of Parliament to develop the policy framework for the scheme.This includes identifying possible sites where the scheme will be first offered, ensuring that there are sufficient homes for those involved to relocate to, and working out a fair compensation package for residents whose flats are taken back early.Once the policy parameters are in place, Vers will be progressively offered to a “few selected” sites likely from the first half of the next decade when the flats there are about 70 years old, Chee said.Vers was first announced by then-Prime Minister Lee Hsien Loong in 2018 to allow the Government to buy back flats nearing their 99-year lease by compensating residents and redeveloping the land. Read more
