Singapore-Madame Leonchuifa was initially worried when her three-room residential board flat on West Coast Road was selected for the Selective Bulk Redevelopment Scheme (Sers) in 2016.
However, a 66-year-old housewife who has lived there for over 20 years was relieved when she secured a new three-room apartment of the same size without replenishing cash.
Her 68-square-meter replacement apartment in West Coast Crescent, about 1 km away, is expected to be completed in the third quarter of next year.
Under Sers, owners of affected apartments will be offered a replacement apartment with financial compensation for their unit and a new 99-year lease built in a designated location.
“I don’t think Sers is a bad thing. House prices are rising year by year, so I’m happy to get a new home without paying extra money,” Madame Leon said of The Sunday Times. Told to. Her apartment was about 37 years old when she was selected for redevelopment.
But not everyone was so lucky. The owners of Ang Mo Kio’s four HDB blocks, elected to Sers in April, were disappointed to find that they needed to make up for the cost difference of replacement units of the same size.
Nicholas Mak, head of research and consultancy at ERA Realty, said the reaction could be due to residents’ unawareness that such large amounts of cash replenishment may be required. I did.
“Replenishment is not uncommon for Sers,” he said. Still, homeowners may have expected to get more for their property. “The apartment there is about 43 years old and is near the highway, which may have influenced their reputation,” he said.
Christine Sun, Senior Vice President of Research and Analysis at OrangeTee & Tie, may have had higher expectations for flat ratings, given the rising flat prices for resale. ..
In response, HDB has announced two new home reconstruction options. One is to shorten the 50-year lease of replacement apartments to make them more affordable, and the other is the owner’s existing apartment lease repurchase scheme.
Sers have traditionally been thought of as winning the lottery to get a new subsidized flat, but West Coast residents who wanted to be known only as Madame Chu had two hearts about it. I had it.
“I don’t think it’s unnecessary work because I live here. It’s hard to move because my husband can’t move around,” said an 80-year-old housewife who lives at the age of three. A flat room there for over 40 years.
However, Madame Chu added that there was no need to replenish a replacement flat of the same size, and the new 99-year lease was a perk. “With longer debt, my husband and I can now leave the apartment for our two sons,” she said.