Govt Acts To Release More Flats For Rent

Source : Weekend TODAY, July 28, 2007

120 Sers units open for rent, while JTC to lease 300 units to foreigners

THOSE looking to rent HDB flats can now choose from 420 more units newly released by two government agencies.

The Housing and Development Board (HDB) will lease 120 flats meant to be demolished under its en bloc scheme for public housing. HDB said the vacated flats in Tiong Bahru Road, part of the Selective En Bloc Redevelopment Scheme (Sers) scheme, will be rented out to the public on a shortterm basis.

If successful, this pilot project may be expanded to other Sers areas. The agency said it could supply between 4,000 and 5,000 such units over the next three years.

But tenancy details such as rental prices will only be revealed when HDB calls for the tender next month.

Under Sers, introduced in August 1995, old flats are demolished to make way for new ones. There have been 71 sites identified, including four this year.


















In a separate release on Friday, the Jurong Town Corporation (JTC) said it would release 300 units in mature estates — targeting foreigners.

These units were initially earmarked for sale but will now be diverted for use as rental flats — another first such measure. It is an addition to its Scheme for Housing of Foreign Talents, under which JTC flats are available only to employment pass holders, with some 3,500 units rented out so far.

The 300 new units will be available over the next few months, averaging about 100 units per month, through appointed managing agents, JTC said.

Located in mature housing estates such as Aljunied, Bedok and Bukit Batok, they include three- to five-room and executive-type flats.

JTC said it would peg rental rates to prevailing market prices. This information is available on www.jtc.gov.sg. As of Friday, the minimum monthly rental rates for JTC units start at $940 for a three-room unit and $1,470 for an executive flat.

While property analysts felt the market would respond favourably, Propnex CEO Mohd Ismail said much depends on the rental rates set by HDB and JTC.

Mr Eugene Lim, assistant vice-president at ERA Singapore, agreed price is crucial in the take-up, but he is optimistic that even the old Sers flats will get good responses.

He said: “The first batch is in Tiong Bahru Road. The location is quite central and would appeal to those looking for locations near the city. The Sers flats are in serviceable condition. As a short-term solution, it will work.”