Three 50-year old HDB blocks at 81 to 83 Macpherson Lane, comprising 313 flats, have been identified for the Selective En Bloc Redevelopment Scheme (SERS). The government will take back the sites and SERS residents will be 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.
HDB will build replacement flats at a new site along Circuit Road. The project will comprise three 17- to 19-storey blocks and house 630 flats, ranging from two-room flexi to five-room flats. The project will include a new supermarket, two eating houses, shops, an elderly facility for senior care and active aging, and a childcare centre. It is expected to be completed by 2Q2023.
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The SERS plan will also involve 27 shops and two eating houses. Owners of these commercial properties will be given compensation based on the market value of their units at the time of the SERS announcement. They have the choice of opting to buy a new unit on a 30-year lease, rent a new unit, or choose not to take up a new unit and receive an ex-gratia payment pegged at 10% of the market value of the existing unit.
HDB will hold a SERS exhibition from June 2 to 4 for all SERS flat owners and commercial property owners.
The SERS blocks are located about 700m to the Mattar Road Government Land Sale (GLS) site which was awarded to a consortium of three listed construction and property companies, namely Hock Lian Seng Holdings, Keong Hong Holdings and TA Corp. They submitted the winning bid of $223 million ($1,109 psf per plot ratio) for the 67,061 sq ft. Based on the bid price, the breakeven is expected to be around $1,600 psf ppr, and selling price in the range of $1,750 to $1,800 psf.
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