Extension of Asset-conversion Framework for Funding of SERS Land Acquisitions to VERS

Mr Kenneth Tiong Boon Kiat asked the Minister for National Development (a) whether the asset-conversion framework under which Past Reserves fund Selective En bloc Redevelopment Scheme (SERS) land acquisitions will extend to Voluntary Early Redevelopment Scheme (VERS); (b) since SERS sites are selected for high redevelopment potential whereas VERS sites are selected by age, how the Government satisfies itself that VERS acquisitions are value-neutral rather than net drawdowns; and (c) whether the President's Office has been consulted on this extension.

The Voluntary Early Redevelopment Scheme is a long-term and complex undertaking. We aim to flesh out as much of the policy framework as possible during this term of Government. For now, it is too early to discuss the funding source and other details, which are part of the policy design.