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PM Lee Hsien Loong's suggestion of the Voluntary Early Redevelopment Scheme (VERS) and Home Improvement Programme (HIP) II is clearly a panicked response than a well-thought out policy.
It is plain that Mr Lee is reacting to National Development Minister Lawrence Wong's bombshell admission that HDB flats will become worthless after their 99-year leases expire.
Mr Lee said that under the HIP II, older flats reaching 60-70 years old will get a second round of upgrading. Singaporeans should remember that under the first round of HIP, the government made residents pay upwards of $10,000 for the upgrading.
These flats will have zero value in another 30-40 years when their leases expire. Why do HDB owners have to fork out more money just to see the value of their flats diminish?
The PM also introduced the idea of VERS. Under the scheme, residents will be polled to see if they want to sell their blocks back to the government. Major questions arise:
How logical is it to have your flats upgraded through HIP II and then 10 years later sell the flat through VERS? Isn't this a monumnental mishandling of public resources and funds?
How much will the government compensate owners who decide to sell their flats en-bloc? Where is the money going to come from?
How will it affect elderly residents who will find relocating away from familiar surroundings and family and friends too stressful? As it is, the elderly are finding life lonely and desperate to the point that a record number are committing suicide.
More at
VERS AND HIP II: MORE SNAKE OIL FROM PAP
It is plain that Mr Lee is reacting to National Development Minister Lawrence Wong's bombshell admission that HDB flats will become worthless after their 99-year leases expire.
Mr Lee said that under the HIP II, older flats reaching 60-70 years old will get a second round of upgrading. Singaporeans should remember that under the first round of HIP, the government made residents pay upwards of $10,000 for the upgrading.
These flats will have zero value in another 30-40 years when their leases expire. Why do HDB owners have to fork out more money just to see the value of their flats diminish?
The PM also introduced the idea of VERS. Under the scheme, residents will be polled to see if they want to sell their blocks back to the government. Major questions arise:
How logical is it to have your flats upgraded through HIP II and then 10 years later sell the flat through VERS? Isn't this a monumnental mishandling of public resources and funds?
How much will the government compensate owners who decide to sell their flats en-bloc? Where is the money going to come from?
How will it affect elderly residents who will find relocating away from familiar surroundings and family and friends too stressful? As it is, the elderly are finding life lonely and desperate to the point that a record number are committing suicide.
More at
VERS AND HIP II: MORE SNAKE OIL FROM PAP
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