Four HDB blocks in Ang Mo Kio have been picked for the first Selective En bloc Redevelopment Scheme (SERS) project in more than four years.
Residents of 606 units along Ang Mo Kio Avenue 3 will receive compensation based on the current market value.
Affected owners will also have the option to purchase a new replacement flat nearby with a fresh 99-year lease.
On Thursday (7 Apr), HDB announced that they’ve selected Block 562 to 565 along AMK Ave 3 for redevelopment.
This move will affect over 600 households. The affected units mainly include three- and four-room flats, reported Channel NewsAsia (CNA).
Owners will be offered new replacements flats along Ang Mo Kio Drive, with units ranging from two-room flexi to four-room flats.
HDB stated that flat owners would receive compensation based on their flat’s market value at the time of the SERS announcement.
Owners will reportedly also receive a S$10,00 removal allowance as well as “stamp and legal fees for the purchase of a comparable replacement flat”.
HDB said there would be 1,065 flats at the replacement site along Ang Mo Kio Drive.
Construction of the flats will begin in the third quarter of 2023 and is slated to be completed by Q3 2027, reports CNA.
The replacement flats will reportedly have a 99-year lease — nearly double that of the existing flats at end-2027. Eligible flat owners may also receive a SERS grant of up to S$30,000.
Owners can also select replacement flats with their neighbours or relative via the Joint Selection Scheme, where up to six households can ask to choose their flats jointly.
On the other hand, owners who do not want to take up the new replacement flats can opt to sell their SERS flats “with the rehousing benefits on the open market“.
HDB added that they’ll conduct door-to-door visits to explain the scheme, rehousing packages, and address residents’ concerns.
We hope affected residents will be pleased with the replacement flats and the compensation package offered.
Kudos to HDB for offering owners the chance to ‘retain’ their neighbours, ensuring that the kampung spirit stays strong even at the new replacement flats.
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Featured image adapted from Google Maps & Housing & Development Board (HDB).
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