Singapore: The Housing and Development Board (HDB) has adjusted the criteria for when replacement apartment buyers under the Selective Bulk Redevelopment Scheme (SERS) will be able to sell their units in the open market.
According to the HDB website, for SERS sites announced after April 7, buyers can only sell replacement apartments for five years from the date they receive the key.
That is, the change begins with an Ang Mo Kio Drive apartment offered to residents of four nearby blocks selected by SERS. The announcement of Ammocchio SERS was made on April 7th.
Previous criteria allowed homeowners to sell their units 7 years from the date of selection of the replacement apartment or 5 years from the date of key collection, whichever comes first.
This means that some SERS owners were able to sell their apartment before they lived for five years.
Those who buy a new apartment from HDB and in the resale market are already eligible for a minimum residence period of 5 years.
Introduced in 1995, SERS is part of the government’s efforts to renew old housing estates. Under this scheme, residents will be provided with new homes nearby and old locations will be redeveloped.
The replacement apartment has a 99 year debt and eligible apartment owners can receive a SERS grant of up to S $ 30,000. You can also borrow a mortgage from HDB to buy a replacement flat.
An example of a SERS flat that came on the market five years ago is from CityVue @ Henderson. The apartment there has been leased for 99 years and remains for 96 years.
CNA has contacted HDB for more information.
