Update on VERS Policy Details and Alternative Solutions in Other Estates Not Feasible for VERS

Mr Yip Hon Weng asked the Minister for National Development (a) whether he can provide an update on the details of the Voluntary Early Redevelopment Scheme (VERS) policy; and (b) whether alternative solutions will be explored for estates where VERS is not feasible, to address concerns about the feasibility of buying property with a short remaining lease term.

Mr Desmond Lee: The Voluntary Early Redevelopment Scheme is a long-term plan to stage out the redevelopment and rejuvenation of our older towns and estates. It is a complex undertaking, involving detailed long-term town planning. We are working out the details and will share more information when ready.