Let’s talk about VERS

[kyteo79]

VERS to me is a Mass early Lease Buyback scheme.. when the lease of your flat is left with 20-30 years, nobody will want to buy your old flat.... so who else can you sell to? The HDB will buy it back at a suppressed value... Tear it down, rebuild then sell high....

HIP2 is telling you, "we will renovate the old flat for you so that you can stop dreaming of SERS.... alternatively, why don't you all consider VERS? I can sell to Private Developers at a Premium."

VERS at what value ?

 

[kyteo79]

That is why i think if that happens.

A lot of 99 leasehold condo are ****ed in the next 50years.

With vers. There will be more supply of land for the govt to sell to private developers.

Private developers do not need to pay premium to enbloc existing old condos.

They can just wait for govt to tender out parcels of land that is occupied by old hdbs

simply all are screwed with 99 years ...

who wins ? those with wonderful salaries ... why ?

see NOL, SmRT, tax, gst, erp, coe, everything ....

need not speak the facts .. see yourselves... if to say change others to do the job, who can , what the reserves ? will all property goes to zero dollar, who pays .. ?

 

[kiatme]

defintely will have a lot of T&C. might not be a good thing.
later they add in a clause, V&C can only happen if 80% of the people in the block agree to vers, then jialat liao, becomes a cheap version of en-bloc.

if they willing to take the unit as it is without any conditions, then also have to worry, that means HDB BTO will be selling at a higher cost to cover for units recovered back by HDB, or higher taxes, or even new VERS tax.

nothing to think about, nothing to worry for, government is just trying to say : yes we know there is an issue currently, but dont worry, we will tackle the issue.. in 20 years, so stop bothering for now.

 

[kyteo79]

defintely will have a lot of T&C. might not be a good thing.
later they add in a clause, V&C can only happen if 80% of the people in the block agree to vers, then jialat liao, becomes a cheap version of en-bloc.

if they willing to take the unit as it is without any conditions, then also have to worry, that means HDB BTO will be selling at a higher cost to cover for units recovered back by HDB, or higher taxes, or even new VERS tax.

nothing to think about, nothing to worry for, government is just trying to say : yes we know there is an issue currently, but dont worry, we will tackle the issue.. in 20 years, so stop bothering for now.

Build airport now better and need monies ...
If i lose no more VERS .. wahahaha ... so better keep me in ...

 

[qhong61]

defintely will have a lot of T&C. might not be a good thing.
later they add in a clause, V&C can only happen if 80% of the people in the block agree to vers, then jialat liao, becomes a cheap version of en-bloc.

if they willing to take the unit as it is without any conditions, then also have to worry, that means HDB BTO will be selling at a higher cost to cover for units recovered back by HDB, or higher taxes, or even new VERS tax.

nothing to think about, nothing to worry for, government is just trying to say : yes we know there is an issue currently, but dont worry, we will tackle the issue.. in 20 years, so stop bothering for now.

Think so....

 

[pcmdan]

Actually I think alot of people overthink things. They are worrying for things way before anything is cast in stone

1. Why concern so much as to how the govt gonna have the money to do vers?

In the first place, govt earns huge amount from the houses they sell u. U buy at 500k but the total cost and everything to build is less than 100k. Hence for every new house they build they can fund 4 houses.

2. If they use the land for Vers for something else why does it concern u?

As long as they can find a new flat for u somewhere else u shdnt complain right? Land is scare. They use ur land for something it means they also have to use another land for your new house

3. Need 80% to agree?

That's how Vers mechanic is right? If ur house is left with 30years and u bought it at 200k 69years ago. U don't expect to still sell at 800k right? If I am not wrong, hdb would be buying ur house at a pro-rata 30years lease house. U might still have a profit (but likelihood u won't be getting less than 60k (pro rate) right)

Of course the same couldn't be said for idiots who bought at a high and expect govt to compensate you for your poor foresight (e.g. tan bak hua)

 

[pcmdan]

Honestly, I am in favour of vers.

People who bought BTO would benefit from it. The same couldn't be said for people who buy from resale. They have vested interested to make everyone die because of their poor judgement.

 

[fotoudavid]

Vers very hard... 20 years later we see what problems will surface... If you still alive

 

[qhong61]

Vers very hard... 20 years later we see what problems will surface... If you still alive

Foresee a lot of problem. Not so straight forward.

 

[Wk7777]

Actually I think alot of people overthink things. They are worrying for things way before anything is cast in stone

1. Why concern so much as to how the govt gonna have the money to do vers?

In the first place, govt earns huge amount from the houses they sell u. U buy at 500k but the total cost and everything to build is less than 100k. Hence for every new house they build they can fund 4 houses.

2. If they use the land for Vers for something else why does it concern u?

As long as they can find a new flat for u somewhere else u shdnt complain right? Land is scare. They use ur land for something it means they also have to use another land for your new house

3. Need 80% to agree?

That's how Vers mechanic is right? If ur house is left with 30years and u bought it at 200k 69years ago. U don't expect to still sell at 800k right? If I am not wrong, hdb would be buying ur house at a pro-rata 30years lease house. U might still have a profit (but likelihood u won't be getting less than 60k (pro rate) right)

Of course the same couldn't be said for idiots who bought at a high and expect govt to compensate you for your poor foresight (e.g. tan bak hua)

ermm... I'm not sure if my understanding is right or yours is right.... for VERS, they buy back your flat at a "pro-rated" price... but that's it.... they DO NOT compensate you with a NEW flat.... it is u take the money, n u go stay elsewhere...

N for pro-rated, who sets the rate? HDB? so if they say my flat worth peanuts (not 500K kind), who can dispute?

If based on your calculation, they are giving me 60K for the remaining 30 years lease.... if I do simple math, that is $2,000 for each year of lease... come on la.... only DUMBO will sell.... I can rent it out for $2k monthly!!! I really so gian their $2k per year buyback of my lease??

 

[Wk7777]

That is why i think if that happens.

A lot of 99 leasehold condo are ****ed in the next 50years.

With vers. There will be more supply of land for the govt to sell to private developers.

Private developers do not need to pay premium to enbloc existing old condos.

They can just wait for govt to tender out parcels of land that is occupied by old hdbs

IRAS see En-Bloc heat up... so they come up with cooling measures to whack the developers.... then they come up with VERS to buy over Land CHEAPLY.... they do not have to pay any TAXES for VERS as compared to developers wanting to en-bloc for land parcels to redevelop....

HDB then sells their LAND PARCEL to developer at inflated price but the price is still considerably cheaper than paying taxes for ENBLOC....

so old Private leasehold condos owners hoping for En bloc.... GOOD LUCK! Unless your location is fantastic....

 

[Mergui219067]

Just because your 80 years old flat is VERSed mean you still command top price with no value erosion ? Lol
VERS only means the most able to stay in them safely for 20 years more before it turns zero.

To trap the younger generations to use their CPF to pay at artificially high value on these super aged flats is a sin.

 

[SuperZ]

To ensure long-term financial sustainability, VERS could only be a "glorified" LBS. For those who choose to stay, the renovation condition would depend on HIP II program. Even HIP II program would depend on how much budget is being allocated.

Also, with regards to private condos on 99-year lease who hoping en bloc sales to developers, there is no guarantee that 99-year lease be renewed. It will also depend on the land price during that time.

Something to chew on .....

 

[Opps-gal]

I feel that more people will only want to buy new BTOs. If buy resale (5 years older flat after first owner), maybe the price might also go downwards, as the price will depreciate. So after 5 years, people will only willing to pay less, unlike last time.

Not sure enough BTOs for everybody who want to update their lease.

So those with lease almost ending, can afford buy a 2 room flexi or rent house? Do 2nd Hip got what value? Will people pay more for not much lease left flat? How much do residents need to fork out for 2nd HIP? Rather save for new house, be it renting or buy 2 room flexi.

 

[Mergui219067]

99 is always 99 , whether HDB or private or not.
One with free VERS / small chance of SERS & the private no free touch up / small chance of enbloc.

It is weird that only some HDB owners make hell lot of noise about 99 years status .
And yet they have subsidies / yearly rebates / lower cost .
Private 99 has none.

Also, with regards to private condos on 99-year lease who hoping en bloc sales to developers, there is no guarantee that 99-year lease be renewed..

 

[Hyruga]

Hi all, what do you think about VERS ?

Clap clap

You started a thread that will last more than 20 years. Great foresight!

 

[Sinkie]

99 is always 99 , whether HDB or private or not.
One with free VERS / small chance of SERS & the private no free touch up / small chance of enbloc.

It is weird that only some HDB owners make hell lot of noise about 99 years status .
And yet they have subsidies / yearly rebates / lower cost .
Private 99 has none.

It’s weird that non owner of hdb and condo are making the most noises

 

[Wk7777]

If Ah Gong is really generous but don't want to spend money.... I will totally suggest that they TOP UP the lease for the HDB 2 rooms / 3rooms / 4 rooms by 10-20 years.... as usual T&Cs apply, SG citizen FOC and PR pay some cost....

Topping up of the HDB lease won't incur a cent for them....

just my 2 cents view...

 

[Hyruga]

If Ah Gong is really generous but don't want to spend money.... I will totally suggest that they TOP UP the lease for the HDB 2 rooms / 3rooms / 4 rooms by 10-20 years.... as usual T&Cs apply, SG citizen FOC and PR pay some cost....

Topping up of the HDB lease won't incur a cent for them....

just my 2 cents view...

Then they intro lease buyback for what?

Of cos govt wants more money. I foreseen down the road, govt will get more and more greedy.

Hdb officials want your money too. More revenue for hdb, more bonus for them.

 

[Mergui219067]

Wow, a land lease can just extend like that free.....
Many HDB blocks also come with a mixture of 4 & 5 rooms . And simply kick out the 5-room owners out after 99 years ?
Do your children or grandchildren want to stay in a 100 yr+ old flat ?
And others need to subsidise these for new lift / wiring / piping . The owners are sure to expect these free too.
Any buyers still willing to pay almost $1 million for such aged flats ? Lol
Definitely the value can’t be the same or higher than now .
The inevitable is still there after 119 years.

I will totally suggest that they TOP UP the lease for the HDB 2 rooms / 3rooms / 4 rooms by 10-20 years .