Singapore allocated more than S$1 billion for refurbishing across the city-state about 55,000 flats, which are at least 30 years old, Bloomberg News reported, citing Lawrence Wong, Minister for National Development.

The amount, according to the minister, will be spent over the next few years. It will also be used to renovate community and private estate facilities such as playgrounds, footpaths and new ramps, the Oct. 11 report added.

As of Oct. 11, US$1 was equivalent to S$1.37.