It would be "unproductive" to play up expectations of homeowners due to the recently announced Voluntary Early Redevelopment Scheme (VERS) - a scheme to take back old Housing Board flats before their leases end, said National Development Minister Lawrence Wong on Tuesday (Aug 21). "All of us, including the media, (have) to make sure that we don't play up expectations of the market or ... get people all...

Singapore property is likely to retain its lustre as a preferred choice for long-term wealth creation due to the city-state's regional hub status, solid growth prospects and Asians' deep-seated desire to own property. Analysts gave this affirmation as the dust starts to settle on the latest cooling measures which took effect on July 6. The amended rules saw higher Additional Buyer's Stamp Duty (ABSD)...

A conservation shophouse in Boon Tat Street has been put up for sale via an expression of interest exercise with price expectations of around $17 million. The shophouse in the Telok Ayer Conservation Area has permanent food and beverage (F&B) approvals granted for both floors, and houses the Michelin-starred restaurant Cheek by Jowl. The 999-year leasehold site has a land area of 1,759 sq ft and the...

An associate of OKP Holdings has won the tender for the collective sale of 32-unit Phoenix Heights in Bukit Panjang, the mainboard-listed construction engineering company said on Tuesday. The 25 per cent-owned USB Holdings Pte Ltd bid S$33.1 million for the 99-year leasehold condominium in Phoenix Avenue, with the price reached "after taking into account the prevailing market conditions and market...

A programme to upgrade every Housing Board flat after 60 years should be planned such that it does not take place in blocks right before they undergo a new voluntary redevelopment scheme, said experts and MPs. Their comments come a day after the National Day Rally, when Prime Minister Lee Hsien Loong announced the multi-billion dollar Home Improvement Programme (HIP) II. It upgrades all flats that are...

The new housing schemes announced by Prime Minister Lee Hsien Loong on Sunday (Aug 19) could see older flats retain their value for a longer period of time and become viable alternatives for prospective buyers, said analysts. In his National Day Rally speech, Mr Lee said that the Home Improvement Programme (HIP) will be expanded to cover more Housing and Development Board (HDB) flats, to include those...

The Lease Buyback Scheme will be extended to all Housing and Development Board (HDB) flats, including five-room and larger flats, National Development Minister Lawrence Wong announced on Monday (Aug 20). The Lease Buyback Scheme allows elderly flat owners to sell part of their remaining lease to HDB. It was originally applicable to four-room or smaller flats. In a blog post following Prime Minister...

While many details for the new Voluntary Early Redevelopment Scheme (Vers) will not be ready for some time, the Government felt that it "owed" Singaporeans an early explanation on its thinking for the next phase of public housing, National Development Minister Lawrence Wong said on Tuesday (Aug 21). Speaking in an interview with Channel 5's Talking Point programme, Mr Wong called for patience as the...

A day after the new Voluntary Early Redevelopment Scheme (Vers) was announced, some residents in public housing estates that could be among the first in line are already wishing for the scheme to be introduced earlier. Residents of Chai Chee and Marine Parade, especially the elderly, told TODAY they may not be able to benefit if the scheme is only rolled out about 20 years later, as Prime Minister Lee...

The chairman of the Government Parliamentary Committee for National Development Alex Yam on Sunday (Aug 19) raised concerns about a new housing scheme which will allow more HDB households to benefit from redevelopment before the 99-year leases on their flats expire. Prime Minister Lee Hsien Loong revealed plans for what is called the Voluntary Early Redevelopment Scheme (VERS) during his National Day...