Source : The Business Times, August 9, 2008
Owners can register for replacement flats around Q3 2009
THE Housing & Development Board (HDB) has identified seven blocks at Commonwealth Drive for its latest Selective En Bloc Redevelopment Scheme (Sers).
The 10-storey blocks are 44 years old and comprise 669 sold flats. The flat owners will be offered replacement flats (up to 40 storeys high) that HDB is building at a nearby site, conveniently located near Commonwealth MRT Station.
HDB will build about 730 units of new two, three, four and five-room replacement flats to rehouse affected flat owners.
Eligible Sers flat owners will be invited to register for their replacement flats around Q3 2009. The new flats are expected to be completed around end 2012/early 2013.
This is the 72nd site to be identified for Sers since the scheme was implemented in August 1995. The latest site, involving Blocks 74 to 80 Commonwealth Drive, was announced last night by Baey Yam Keng, adviser to Tanjong Pagar Grassroots Organisations during the Queenstown National Day Celebration Dinner.
The latest Sers plan will also involve 24 rental shops and two rental eating houses at Blocks 74 to 80 Commonwealth Drive. The eligible shop/eating house tenants will be given an ex-gratia payment of $60,000 per tenancy and a 10 per cent discount on their successful bids for other HDB rental commercial properties. HDB will hold an exhibition from Aug 14 to 20 to give residents a better understanding of the Sers plan and its benefits.
Rehousing benefits for eligible Sers flat owners include compensation for their existing flats based on the prevailing market value; purchase of replacement flats at subsidised prices frozen as at the date of Sers announcement; and 20 per cent discount (up to $11,000, $22,000 and $30,000 for singles, joint singles and families respectively) if eligible, for the purchase of the replacement flats.
Eligible Sers flat owners who do not wish to take up the new replacement flats can choose to sell their existing flats with the rehousing benefits to buyers who are eligible to buy flats directly from HDB. With the sale proceeds, which will include a premium for the rehousing benefits, they can then buy a resale flat in their preferred location.
Anther benefit for the Sers flat owners is that they will be exempted from payment of resale levy for the existing flats.
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