SINGAPORE: The Housing and Development Board (HDB) has adjusted its criteria for when buyers of replacement flats under the Selective En bloc Redevelopment Scheme (SERS) will be able to sell their units on the open market.
For SERS sites announced on or after Apr 7, buyers will only be able to sell their replacement flats five years from the date of collecting their keys, according to HDB's website.
This means the changes will start with the flats in Ang Mo Kio Drive, which were offered to residents of four nearby blocks that were selected for SERS. The Ang Mo Kio SERS announcement was made on Apr 7.
Under the previous criteria, home owners could sell their unit seven years from the date of selection of the replacement flat, or five years from the date of key collection - whichever is earlier.
This meant that some owners under SERS were able to sell their flats before they had lived in them for five years.
Those who buy a new flat from HDB and on the resale market are already subject to a minimum occupation period of five years.
SERS, introduced in 1995, is part of the Government's efforts to renew older housing estates. Under the scheme, residents are offered new homes nearby, while the old site will be redeveloped.
The replacement flats come with a fresh 99-year lease, and eligible flat owners may receive a SERS grant of up to S$30,000. They can also take out a housing loan from HDB for the purchase of their replacement flat.
An example of SERS flats that have been put on the market before the five-year mark are those in Block 95B Henderson Road. The flats have 96 years left on their 99-year lease.
CNA has contacted HDB for more information.
Continue reading...
For SERS sites announced on or after Apr 7, buyers will only be able to sell their replacement flats five years from the date of collecting their keys, according to HDB's website.
This means the changes will start with the flats in Ang Mo Kio Drive, which were offered to residents of four nearby blocks that were selected for SERS. The Ang Mo Kio SERS announcement was made on Apr 7.
Under the previous criteria, home owners could sell their unit seven years from the date of selection of the replacement flat, or five years from the date of key collection - whichever is earlier.
This meant that some owners under SERS were able to sell their flats before they had lived in them for five years.
Those who buy a new flat from HDB and on the resale market are already subject to a minimum occupation period of five years.
SERS, introduced in 1995, is part of the Government's efforts to renew older housing estates. Under the scheme, residents are offered new homes nearby, while the old site will be redeveloped.
The replacement flats come with a fresh 99-year lease, and eligible flat owners may receive a SERS grant of up to S$30,000. They can also take out a housing loan from HDB for the purchase of their replacement flat.
An example of SERS flats that have been put on the market before the five-year mark are those in Block 95B Henderson Road. The flats have 96 years left on their 99-year lease.
CNA has contacted HDB for more information.
Continue reading...