Areas along MacPherson are going to be redeveloped under the Selective En bloc Redevelopment Scheme, also known as SERS. It is operated by the HDB (the public housing of Singapore – Housing Development Board) for maintaining and upgrading public housing units in older areas of Singapore.
By comparing units in the MacPherson area, it is estimated that compensation for owners will range from $210,000 to $260,000 for a two-room unit and $290,000 to $330,000 for a 3-room unit.
Current residents who are approximately fifty years of age will be given new units in the Circuit Road area. The Housing and Development Board announced that one of the three blocks, located in Geylang, has been chosen for the SERS. This is the first project under the En bloc Redevelopment Scheme.
One resident said he was really happy that he will be moving into a new unit as his current unit has become quite old and he will use the compensated amount on the renovation of the new home. Residents of the estate will be given new units ranging from a two-room unit to a five-room and all given a brand new lease of 99-years along Circuit Rd.
Residents will receive compensation by the government and this amount will depend on the market value and based on market transactions for similar units. It appears the compensation will range from $210k to $260k for a two-room unit and $290k to $330k for a three-room unit.
Blocks 81, 82, and 83 on MacPherson Lane have been marked for redevelopment, comprising of 313 units that are approximately 50 years old. There are approximately 27 retail outlets with living quarters and 2 eateries. The owners of the shops and eateries will also be compensated based on market value which is estimated to be approximately $850,000 to $1.4 million.
The National Development Minister said that the Housing and Development Board will provide information on units that will become available on the market and will help residents to make wiser decisions.
Residents in the older units will be compensated a reasonable expenses that includes a $10k removal amount, stamp and legal fees to purchase replacement units that are equivalent to the SERS flats or units. It is estimated that the expenses will range up to about $13k for a 2-room unit and $14k+ for a 3-room unit.
New units will also be sold to the residents of the old units at subsidized prices. Eligible owners will also get a SERS grant up to $30k in order to buy their replacement unit.
Eligible owners may want to choose an ex-gratia (moral obligation) payment up to $60k (and this excludes the compensation) if they are not considering the SERS rehousing benefits.
The approximated Selling Prices For New Flats:
A Two-Room Unit is $164,000 to $231,000
A Three-Room Unit is $307,000 to $346,000
A Four-Room Unit is $421,000 to $513,000
A Five-Room Unit is $575,000 to $631,000
The redevelopment of the replacement units or flats that are located nearby the MacPherson Station and the PIE will begin during Q3 of 2019 and plans of completion will take place in the Q2 of 2023.
New launch condo Singapore in 2018