Owners of Sers flats in Ang Mo Kio to get option of new units with shorter 50-year lease
SINGAPORE – Owners of flats undergoing the Selective En bloc Redevelopment Scheme (Sers) in Ang Mo Kio will be given two more rehousing options that address their concerns about having to fork out cash for similarly-sized replacement units.
The Housing Board on Saturday (July 2) said it will offer affected residents at the four Sers blocks in Ang Mo Kio three-room or larger flats at the replacement sites on a 50-year lease, if the new flat is able to last the owners until they are 95.
This is the first time that HDB is offering four-room flats on a shorter lease.
Alternatively, HDB will also offer the lease buyback scheme to those aged 65 and over at the Sers site. They can then buy a short-lease replacement flat after that, HDB said.
Under the lease buyback scheme, flat owners can keep a lease that will cover them and their spouse till they are at least 95 years old, and sell the tail end of the lease to HDB.
These two additional rehousing options will first be offered to eligible Sers flat owners at Blocks 562 to 565 Ang Mo Kio Avenue 3, and later extended to flat owners of Blocks 212 to 218 Marsiling Crescent/Lane whose flats were announced for acquisition for the redevelopment and extension of Woodlands Checkpoint, HDB said.
It added: “HDB understands their concerns and has therefore provided the additional options to help them purchase their new replacement flats.”
The HDB had announced in April that four HDB blocks – Blocks 562 to 565 in Ang Mo Kio Avenue 3 – had been selected under Sers, a scheme aimed at rejuvenating older estates.