Artist's impression of the replacement HDB flats for residents of the four blocks in Ang Mo Kio which that have been selected for SERS (Image: HDB)
SINGAPORE (EDGEPROP) - Four HDB blocks located at Ang Mo Kio Avenue 3 have been identified for the Selective En Bloc Redevelopment Scheme (SERS). The blocks are the first to be selected for SERS since May 2018, when three blocks at MacPherson Lane were selected for the scheme.
SERS was introduced in 1995 as part of the government’s efforts to renew older housing estates. It entails the government taking back the sites, with SERS residents given a package that includes compensation and rehousing benefits, as well as the opportunity to move to a new home on a fresh 99-year lease.
For the blocks at Ang Mo Kio Avenue 3 - Blocks 562 to 565 - a total of 606 units will be impacted. The units comprise mainly three- and four-room flats, in addition to a handful of five-room and executive flats. The affected blocks were completed in 1979, making them about 43 years old.
Affected flat owners will be compensated based on the market value of their flat as assessed by a professional private valuer appointed by HDB. HDB will also pay flat owners $10,000 in removal allowance to cover moving costs, as well as the stamp and legal fees for the purchase of a comparable replacement flat. (Find HDB flats for rent or sale with our Singapore HDB directory)
Flat owners will also be offered new replacement flats that will be built at Ang Mo Kio Drive. The new development will comprise six blocks with a total of 1,065 units, comprising two-, three- and four-room units. It will have a fresh 99-year lease, almost double the lease of the existing flats by the time the residents move out at end-2027.
Construction on the new flats will commence in 3Q2023, with expected completion by 3Q2027.
Eligible owners will be entitled to grants of up to $30,000 and can take out a housing loan from HDB for the purchase of their replacement flat. They can also select replacement flats together with their neighbours or relatives, to live near one another.
Owners who do not wish to take up a new replacement flat can choose to sell their SERS flats with the rehousing benefits on the open market, using the proceeds to buy a resale flat in their preferred location.
Stay updated with En Bloc Singapore - Latest News, Enbloc Potential, Listings & Sales in 2022
Check out the latest listings near Ang Mo Kio