It is already known that the Selective En bloc Redevelopment Scheme or SERS is active and started changing the face of Singapore by revamping old residential units. Recently, it was announced that blocks with numbers starting with 81 and up to 83, inclusively, located on the MacPherson Lane, will enjoy the Sers transformation.
For the residents of these three blocks, the news is more than welcome, as it means that they will soon have the chance to move into brand new flats. Edward Chong, for example, who is a 48-years-old machine operator and just moved in a 3-room apartment in block 81 six months ago, is excited by this opportunity. He said that the flat, obtained with the support of the Housing Board, was rather old at the moment of purchase, so he and his family are happy to know that they will receive a newly renovated apartment in a modern building. With 49 years still left on the apartment’s lease, the compensation provided by Sers came at the right time, giving Mr. Chong the chance to fully renovate the unit without getting a dime out of his pocket.
It is worth mentioning that this Sers project is the first one since 2016, a year when the month of August brought it the last initiative of this kind. But Sers is far from being over, the blocks on MacPherson Lane earning their position within the project due to their considerable ages. Thus, there will be 313 apartments included in the renovation plan, all of them having approximately 50-years-old. Besides this, the two eateries and 27 shops that are part of these blocks will go through the same transformation. The last time Sers unrolled, 8 whole blocks were revamped and made to fit in the latest standards, which were located on the West Coast Road.
What will be the value of the compensations offered by Sers? Well, that depends on the estimated value at the moment Sers will release the compensations. But, according to the current state of the market, HDB states that 2-room apartments could get anywhere between $210,000 and $260,000 while 3-room apartments could get compensations between $290,000 and $330,000. Besides this, the homeowners that have apartments included in the renovation process will receive an additional $10,000 as a removal allowance, plus the values of the fees that will give them the chance to get a replacement flat of a similar value during the period of the renovation.
Concerning the replacement apartments, they will be sold in a subsidized manner at prices that are frozen when the Sers announcement is made. Besides this, the homeowners considered eligible for the purchase of such a flat will receive a grant as well, which can reach $30,000. If you are interested in the prices of new replacement flats, then you should know that they can be found in the following ranges: $164,000 and $231,000 for 2-room apartments, $307,000 and $346,000 for 3-room apartments, $421,000 and $513,000 for 4-room apartments, and $575,000 and $631,000 for 5-room apartments. Also, the flat owners considered eligible can choose to enjoy an ex-gratia payment for their flats, which can be as much as $60,000 besides the compensation they already receive.
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