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\n14th\u00a0June to 20th\u00a0June 2022
\nThe Housing and Development Board (HDB) has revised its minimum occupancy rule for replacement flats under\u00a0Selective En Bloc Redevelopment Scheme (SERS). Meanwhile, sales for new private homes more than doubled in May, rising 105.5% to 1,356 units last month from 660 units in April.
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\n1) HDB revises occupancy rule for SERS replacement flat
\nThe Housing and Development Board (HDB) has revised\u00a0the rule for Minimum Occupation Period (MOP)\u00a0for replacement flats under SERS, reported CNA.
\nUnder the latest changes, buyers of replacement flats can only sell their units on the open market five years from the date of key collection.
\nPreviously, they could choose to sell their unit seven years from the date of selection of the replacement flat or five years from the date of the key collection \u2013 which means some were able to sell their flats even before they lived in the HDB flat for five years.
\nThe new rule applies to SERS sites announced on or after 7 April or from the Ang Mo Kio Drive SERS site.
\nLee Sze Teck, Senior Director for Research at Huttons Asia, said the new rule \u201cwill put all HDB buyers on the same level playing field\u201d.
\nOver 600 households in Ang Mo Kio are affected by the latest SERS exercise, with some residents voicing discontent that they have to fork out a significant sum (up to $100,000) for\u00a0a similar-sized unit in today\u2019s resale market. HDB is following this closely.
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\n2) Ang Mo Kio SERS: Analysts are not surprised by the additional funds for a new flat of comparable size
\nThe blocks chosen for the Ang Mo Kio Housing and Development Board\u2019s Selective En bloc Redevelopment scheme are blocks 562, 563, 564 and 565. Source: Google Maps
\nThe news that residents of flats at a public housing estate in Ang Mo Kio, which was chosen for SERS, will have to cough up extra money for a similar-sized replacement flat came as no surprise to property analysts.
\nWong Siew Ying, Head of Research and Content at PropNex, explained that SERS is not a \u201cone-for-one exchange\u201d, adding that owners have to top up money for a similar-sized flat given the high cost of Build-to-Order (BTO) launches within mature estates.
\nHDB also pointed out that the replacement flats come with a fresh 99-year lease, which is longer than that of their old flats, reported TODAY.
\nTheir comments come after some Ang Mo Kio owners have expressed concern over the need to top up money for similar-sized flats.
\n\u201cWhere will the money come from? I won\u2019t have any money left if I pay this. I\u2019m no longer working,\u201d said Mdm Yong, a retired teacher.
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