29/08/2025
Vers effectively replaces Sers – which involved compulsory acquisition and compensated owners based on the market value of their flat. There are no further plans for Sers projects.
Since 1995, 82 Sers projects were announced, including one still under way.
Concerned by this, then National Development Minister Lawrence Wong issued HDB flat owners a rare reality check in 2017, when he said that leases will run out for the vast majority of public flats and that these flats will be returned to the Housing Board, with flat prices falling accordingly as leases run down.
The “lease reality” was also spelt out by then Prime Minister Lee Hsien Loong at the 2018 National Day Rally, when he said HDB dwellers will need to pay for a new lease when their current leases run out.
“This is only fair, because you bought the original flat knowing when the lease would run out, and knowing that the flat would then have to be returned to HDB,” he said then.
If Singapore wants to recycle land for future generations, leases running down to zero is a reality that has to be faced. Read more at straitstimes.com. Read more at straitstimes.com.