Learning points from private housing market to be taken into account as VERS framework is developed

The Law Ministry will share insights from the collective sales regime for private developments with the Ministry of National Development (MND) as the Voluntary Early Redevelopment Scheme (VERS) is developed. Law Minister Edwin Tong stated that the government will support such programs and amendments to laws governing collective sales for private strata-titled developments will affect VERS.

MPs from various parties raised concerns about the implications of changes to collective sales thresholds on VERS, noting that both programs share the goal of voluntary redevelopment of aging estates. They suggested a tiered framework for different age developments and questioned when comprehensive redevelopment should be considered.

The Law Minister acknowledged that there are learning points between private and public property markets, which will be factored into VERS.