The Housing Development Board (HDB) has announced the first revision to the Selective En Bloc Redevelopment Scheme (SERS), in a move to make it more favourable for residents who are forced to relocate, according to a Straits Times report.
Under the new tweaks, affected residents will receive priority allocation of up to five percent for all future BTO (Build-To-Order) launches. They will also get the option to put off the whole resale levy until such time when they sell their flats, or have it capped at S$30,000 while waiving off the remainder.
Those aged 55 and above will also be given the chance to utilise their Central Provident Fund (CPF) to finance the purchase of a replacement flat.
First implemented in 1995, the SERS makes it possible to redevelop some older buildings making full use of the land while giving its owners market-value compensation and concessions.
Recently, the scheme made the headlines when the government announced details in acquiring Rochor Centre (pictured), thus affecting 567 HDB flats across four blocks and 187 eateries and shops. The move was in favour of development of the North-South Expressway (NSE), which is slated for completion in 2020.
The HDB said it “regularly reviews its policies and processes to ensure they remain relevant and meet the needs of residents.”
“Taking into consideration feedback from our residents, HDB has recently reviewed and enhanced the various concessions to make the SERS package more favourable,” it added.
Related Stories:
Applicants may abuse new HDB scheme for couples: experts
URA to announce winning ideas for Rail Corridor soon
Former inmate fleeced by rogue agent