Four residential housing blocks in Ang Mo Kio have been selected to be renewed under HDB’s Selective En Bloc Redevelopment Scheme (SERS).
This is the first such SERS announcement in nearly four years.
Which blocks were picked?
Blocks 562 to 565 along Ang Mo Kio Avenue 3 have been identified for redevelopment. 606 households will be affected by the change.
Completed more than four decades ago in 1979, the units in these four blocks are mostly three-room and four-room flats. There are five five-room and two executive flats, combined from two adjoining three-room flats.
Previous SERS in Ang Mo Kio was back in 2006, with Blocks 246 to 252 in Ang Mo Kio Avenue 2, 3 and 4 picked for redevelopment.
What will happen to its residents?
After having their flats assessed by an HDB appointed valuer, current residents can expect to receive compensation as well as new replacement flats at the nearby Ang Mo Kio Drive.
According to HDB, the replacement sites offer around 1,065 new units ranging from two-room flexi to four-room flats. The flats are not subject to potential market volatility to give the SERS flat owners greater certainty.
Construction will start in Q3 2023, with estimated completion by Q4 2027.
HDB will release surplus flats to the public through a Sale of Balance Flats (SBF) exercise or open booking.
Owners can choose to purchase the new replacement flats that come with updated design and fittings and a fresh 99-year lease.
HDB will also cover any stamp and legal fees if they choose to purchase a comparable replacement flat and a generous S$10,000 removal allowance to defray any moving expenditures.
Additional rehousing benefits include a SERS grant of S$30,000 for families and joint singles, or S$15,000 for singles.
There’s also the option of selecting replacement flats together with their neighbours or relatives so residents can preserve the existing kampung spirit and community ties.
Those who choose not to take up a new replacement flat can sell their current SERS units, along with its rehousing benefits, on the open property market. Due to the rehousing benefits, these units will most likely command a premium.
How will the SERS process be carried out?
To facilitate and ease the transition process, HDB will conduct door-to-door home visits to explain the SERS scheme and address individual concerns.
Each household will also be assigned a SERS manager to guide them through the entire process. This lengthy transition is expected to last an average of five years or more, from the announcement date to the time residents can move into their new homes.
A precinct survey will be carried out, during which HDB will collate a list of desired facilities from its residents and suggested names for the new precinct. Doing so helps foster a sense of belonging and strengthen ties among the community.
What is SERS?
Started in 1995, SERS was introduced by ex-Prime Minister Goh Chok Tong on National Day.
The programme aims to breathe new life into older estates by demolishing old blocks and constructing new buildings and facilities.
Based on the current market value, residents will be offered new flats or compensation. Valuation will be done by a professional private valuer appointed by HDB.
Since the programme’s inception, more than 41,000 households in 82 sites have been selected to undergo revitalisation.
Will my block be selected for SERS?
Don’t hold your breath if you’re fervently hoping for your unit to be picked for the programme or looking to snag an old property to ride on the SERS wave.
National Development Minister Lawrence Wong cautioned against speculation, stating that only about 5 per cent of all HDB flats are suitable for redevelopment under SERS.
“These are typically sites where the land has not been well utilised. It is also subject to the availability of suitable replacement sites for residents and the Government’s financial resources.”
What other estates do you think should be redeveloped? Let us know in the comments section below or on our Facebook post.
If you found this article helpful, check out HDB SERS and other dangerous property assumptions people make and HDB SERS: Which blocks are most likely to benefit?
Looking for a property? Find the home of your dreams today on Singapore’s fastest-growing property portal 99.co! If you would like to estimate the potential value of your property, check out 99.co’s Property Value Tool for free. Also, don’t forget to join our Facebook community page or Telegram chat group! Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
The post 600 households over 4 blocks in Ang Mo Kio picked for SERS appeared first on 99.co.
