Committee of Supply 2024 debate, Day 5: Jamus Lim on making VERS more or less voluntary
The Selective En bloc Redevelopment Scheme (SERS) identifies projects for urban renewal, but its economic viability is limited by whether a more intensive redevelopment of a given site is even possible, said MP Jamus Lim in Parliament on Tuesday (Mar 5). He added that this then led to the Government’s Voluntary Early Redevelopment Scheme (VERS), with the Housing and Development Board stating that the terms will be less generous than those offered under SERS. He said that the main attraction of VERS is that it will offer leaseholders at least a vote to remain in their homes, although doing so may impede more systematic urban renewal efforts and long-term town planning. He proposed a potential middle ground between the largely voluntary nature of VERS and the compulsory stipulation of SERS, which is to introduce “moving voting thresholds” for VERS projects which will shift as the lease winds down.
The Selective En bloc Redevelopment Scheme (SERS) identifies projects for urban renewal, but its economic viability is limited by whether a more intensive redevelopment of a given site is even possible, said MP Jamus Lim in Parliament on Tuesday (Mar 5). He added that this then led to the Government’s Voluntary Early Redevelopment Scheme (VERS), with the Housing and Development Board stating that the terms will be less generous than those offered under SERS. He said that the main attraction of VERS is that it will offer leaseholders at least a vote to remain in their homes, although doing so may impede more systematic urban renewal efforts and long-term town planning. He proposed a potential middle ground between the largely voluntary nature of VERS and the compulsory stipulation of SERS, which is to introduce “moving voting thresholds” for VERS projects which will shift as the lease winds down.
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