The Voluntary Early Redevelopment Scheme (Vers) — a proposed Government buyback programme for Housing Board flats nearing the end of their 99-year lease — will “likely happen” in the first half of 2030s, said Minister for National Development (MND) Chee Hong Tat.In a wide-ranging interview with the local media on Aug 5, Chee said that his ministry will use the current term of Parliament of up to five years to “develop the policy framework and parameters” for Vers. 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. “We do not need to scale up Vers until sometime in the late 2030s when the older flats reach their 70-year mark,” said Chee, who was appointed MND minister on May 23.”When we are ready, MND and HDB will engage Singaporeans on the framework and policy parameters to take in further and feedback. Our plan is to progressively offer Vers to selected estates in different parts of Singapore." Read more