Updated from : The Business Times, 8 Apr 2022
FOUR Housing and Development Board (HDB) blocks in Ang Mo Kio have been identified by the government to undergo the Selective En bloc Redevelopment Scheme (Sers).
Under the scheme, residents living in Blocks 562 to 565 at Ang Mo Kio Avenue 3, comprising 606 units of mainly 3-room and 4-room flats, will have their properties sold back to the government at a market value determined by a private valuer appointed by HDB, said the housing agency in a media statement on Thursday (Apr 7).
They will then be offered to buy and move into newly-constructed HDB flats, ranging from 2-room flexi to 4-room units, at Ang Mo Kio Drive. Construction is expected to start in the third quarter of 2023 and is estimated to be completed by Q3 2027.
This is the first Sers project in nearly 4 years. The flats in Ang Mo Kio were completed in 1979 and have 56 years left on the lease.
Set up in 1995, the scheme was intended by the government to earmark older HDB precincts for redevelopment.
However, speculations over which HDB estates could be identified for Sers have led some to pay huge sums of money for ageing resale flats.
This had led then-National Development Minister Lawrence Wong, who is the current finance minister, to warn that not all old flats will be automatically eligible for Sers, generating concerns on the issue of lease expiry of ageing resale flats.
HDB reiterated in its statement on Thursday that HDB precincts chosen for Sers take into account their redevelopment potential, the availability of suitable replacement sites and the government’s financial resources.
“Only about 5 per cent of all HDB flats are suitable for redevelopment under Sers, and most of these projects with high redevelopment potential have already been selected for the scheme,” said HDB.
To help reduce the cost of moving, HDB will pay residents in these 4 Ang Mo Kio blocks a S$10,000 removal allowance and compensate them for their stamp duties and legal fees that come with the purchase of a new flat. They may also receive a grant of up to S$30,000.