{"id":131591,"date":"2022-11-14T09:05:06","date_gmt":"2022-11-14T02:05:06","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/compensation-for-ang-mo-kio-sers-residents-is-about-7-5-higher-than-previous-estimates-about-3-of-hdb-flat-owners-have-at-least-one-private-property-and-more\/"},"modified":"2022-11-14T17:21:20","modified_gmt":"2022-11-14T10:21:20","slug":"compensation-for-ang-mo-kio-sers-residents-is-about-7-5-higher-than-previous-estimates-about-3-of-hdb-flat-owners-have-at-least-one-private-property-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/compensation-for-ang-mo-kio-sers-residents-is-about-7-5-higher-than-previous-estimates-about-3-of-hdb-flat-owners-have-at-least-one-private-property-and-more\/","title":{"rendered":"Compensation for Ang Mo Kio SERS residents is about 7.5% higher than previous estimates; About 3% of HDB flat owners have at least one private property and more\u00a0"},"content":{"rendered":"


\nCompensation for Ang Mo Kio SERS residents is about 7.5% higher than previous estimates; About 3% of HDB flat owners have at least one private property and more\u00a0\u00a08th November to 14th November 2022\u00a0
\nThe compensation to be received by Ang Mo Kio residents whose Housing and Development Board (HDB) flats were picked for the Selective En Bloc Redevelopment Scheme (SERS) would be about 7.5% higher than previous estimates. Meanwhile, National Development Minister Desmond Lee said about 3% of HDB flat owners also own at least one private residential property as of October this year.\u00a0
\n\u00a0
\n1) Compensation for Ang Mo Kio SERS residents is about 7.5% higher than previous estimates\u00a0
\nSource: Google Maps
\nThe compensation to be received by Ang Mo Kio residents whose HDB flats were picked for the SERS\u00a0would be about 7.5% higher than previous estimates, reported TODAY.\u00a0
\nHDB cited two main factors for the higher-than-expected compensation.\u00a0
\nFirst, flats that were well renovated and maintained will command a higher value. Second, the actual compensations reflect resale market movements from the time the SERS announcement was made in April to the time when the estimates were prepared in February.\u00a0
\nAside from the market value compensation, the owners will also receive payment for \u201creasonable expense\u201d. Eligible owners will also get up to $30,000 in SERS grants for the acquisition of a replacement unit.\u00a0
\nDespite the higher compensation, some of the residents called for greater transparency on how the compensation as well as the flat valuation figures were derived. This comes as flats of the same size and the same level received different compensation figures, they said.\u00a0
\n\u201cI don\u2019t know how HDB calculates the numbers, it\u2019s not fair,\u201d 61-year-old resident, Goh Chye Hock told TODAY.\u00a0
\n\u00a0
\n2) About 3% of HDB flat owners have at least one private property\u00a0
\nNational Development Minister Desmond Lee said about 3% of HDB flat owners also own at least one private residential property as of October this year, reported CNA.\u00a0
\nHe noted that this proportion has declined by 0.3 percentage points over the past three years.\u00a0
\nOf these HDB flat owners, around 45% have rented out their entire flat and are no longer living in it.\u00a0
\nMeanwhile, another 4% of HDB flat owners have rented out one or more bedrooms of their flat, said Lee, noting that such proportions have remained stable over the past three years.\u00a0
\n\u201cAmong the remaining 97% of the flat owners who do not own private residential property, about 13% are renting out their whole flat or bedrooms within their flat. This proportion has also stayed stable in the last three years,\u201d the minister said in Parliament.\u00a0
\nOn whether the Government will consider requiring HDB flat owners to dispose of their flats if they acquire private property, Lee revealed that the Government has been gathering the views of Singaporeans and will look into the findings.\u00a0
\n\u00a0
\n3) 9,200 HDB flat owners have applied for the lease buyback scheme\u00a0
\nAbout 9,200 households have opted for the HDB\u00a0lease buyback scheme since its launch in March 2009, reported CNA citing Minister for National Development Desmond Lee.\u00a0
\nThe minister made the statement in response to MP Liang Eng Hwa\u2019s question on why some flat owners did not avail of the scheme and whether the Government plans to improve and expand the scheme.\u00a0
\nLee noted that there are many reasons why some elderly flat owners are not keen on signing up for the scheme, such as having other sources of income or they prefer to take up other options like renting out spare bedrooms or downsizing to a smaller flat.\u00a0
\n\u201cHDB will continue to review the housing needs of our elderly flat owners to ensure that our housing policies remain relevant and responsive to the changing needs and preferences,\u201d he added.\u00a0
\n\u00a0Related article:\u00a0HDB Flats for Seniors: Community Care Apartments Vs 2-room Vs 3-room Flats
\n\u00a0
\n4) Singaporeans make no \u2018triple payment\u2019 for state land used to develop HDB flats\u00a0<\/p>\n

Second Finance Minister Indranee Rajah said no \u201ctriple payment\u201d is made by Singaporeans for state land used to develop HDB flats, reported CNA.\u00a0
\nShe pointed out that whenever the Government needs to acquire land for public housing, the owner of the land is compensated for its value, which is based on fair market value.\u00a0\u00a0
\nThe land is then acquired by HDB from the Government at fair market value.\u00a0
\n\u201cWhy don\u2019t we simply transfer the land to HDB at zero cost since it is a transaction between the Government and a government agency?\u201d asked Indranee.\u00a0
\nThis is because the transfer of land to HDB results in the land parcel being taken out of the past reserves, she explained.\u00a0
\nThe revenue shortfall incurred by HDB from selling flats at prices lower than market value is then covered by a government grant that is funded by returns on government investments and taxes \u2013 which she underscored is not only paid by Singaporeans but also by foreigners working here, companies, permanent residents and others.\u00a0
\nAs such, the Government \u201cdoes not profit from the sale of state land developed into public housing,\u201d said Indranee.\u00a0
\n\u00a0
\n5) Expats dig deeper into pockets as housing rents hit a record high\u00a0<\/p>\n

The red-hot housing rental market in Singapore saw expatriates digging deeper into their pockets as landlords demand up to 70% more in rent.\u00a0
\nRelated article:\u00a0HDB Rental Flat Prices in Singapore: How Much You Need to Earn to Afford Different Flat Types (Q3 2022)
\nURA data showed that rents for private homes rose 8.6% in Q3 2022 \u2013 its highest since 2007.\u00a0\u00a0
\nAnd given the robust demand, expats are finding it hard to secure a place.\u00a0
\n\u201cThe search is really painful because there are fewer and fewer good offers reasonably priced. The good ones are out of the market within one week,\u201d said an expat who wanted to be identified only as Alex.\u00a0
\nShe revealed that some tenants are even forced to overbid for places they want and could not negotiate any terms with agents or landlords.\u00a0
\n\u201cEveryone is just panicking \u2026 People transfer deposits without visiting the place,\u201d she told CNA.\u00a0
\n\u00a0
\n6) Record high housing rents due to COVID-19 construction delays, demand amid pandemic recovery\u00a0\u00a0<\/p>\n

National Development Minister Desmond Lee has attributed the record high rents for homes in Singapore to COVID-19-related construction delays as well as the broad-based demand amid the pandemic recovery, reported CNA.\u00a0
\nData from the Urban Redevelopment Authority (URA) showed that private home rents hit a new high as they increased by 8.6% in Q3 2022.\u00a0
\nOrangeTee and Tie noted that rents for HDB flats have also increased substantially in recent months as landlords raised rents in anticipation of more interest rate hikes.\u00a0
\nWith this, Lee assured that the Government is closely monitoring the property market, including the housing rental market.\u00a0
\nRelated article:\u00a0HDB Rental Prices for Q3 2022: Rental Rates for 3, 4 and 5-Room Flats in Singapore
\n\u201cThe Government is monitoring the market closely as rising rental prices may affect Singaporeans who need to rent, as well as global talent,\u201d he said.\u00a0
\n\u201cThat said, global talents consider many factors besides rental prices when making relocation decisions. These include Singapore\u2019s standing as a global business hub, our strong external connectivity, our good trade links, our education and healthcare standards, and the quality of life,\u201d added Lee.\u00a0
\n\u00a0
\n7) Property players more pessimistic in Q3\u00a0
\nA new survey showed that property players in Singapore have become less optimistic during the third quarter of 2022, with the respondents expecting a negative future net balance in most sectors.\u00a0
\nConducted by the National University of Singapore\u2019s Institute of Real Estate and Urban Studies (IREUS), the survey revealed that the suburban residential sector had the lowest future net balance of -19%, from its current net balance of 35%.\u00a0
\nMeanwhile, only the hotel and serviced apartment sector registered a significantly positive future net balance of 68%, while its current net balance stood at 86%.\u00a0
\nTwo other market sectors \u2013 the prime residential and office segments \u2013 also posted positive future net balances of 3% and 11%, respectively. Their current net balance stood at 30% and 54%.\u00a0
\n\u201cCurrent and future net balance percentages are used to indicate current and future sentiment, based on the difference between the proportion of respondents who have selected the positive and negative options in the poll,\u201d reported The Business Times.\u00a0
\n\u00a0
\n8) Golden Mile Tower makes its first en bloc attempt, the indicative price at $650mil\u00a0<\/p>\n

Golden Mile Tower at 6001 Beach Road will be launched for collective sale on 18 November 2022 at an indicative price of $650 million, reported The Business Times.\u00a0
\nWith a leasehold tenure of 99 years, the 22-storey commercial development is located right next to the iconic Golden Mile Complex, which has successfully sold en bloc for $700 million in May.\u00a0
\nGolden Mile Tower features 405 strata lots and is situated between Beach Road and Nicoll Highway.\u00a0
\nOccupying an 8,727 sq m site, the District 7 development has a gross floor area of 38,953.7 sq m and a plot ratio of 4.46. This means the $650 million asking price works out to $1,550 per sq ft per plot ratio (psf ppr).\u00a0
\nAnd since it is zoned for commercial use under the 2019 Master Plan, buyers need not worry about Additional Buyer\u2019s Stamp Duty (ABSD). There is also no restriction on foreign ownership.\u00a0
\nERA\u2019s Senior Division Director Anna Tan \u2013 who is handling the sale \u2013 shared that this is the property\u2019s first successful en bloc attempt, noting that the required 80% consent of owners was obtained in mid-October.\u00a0
\n\u00a0
\n9) People\u2019s Park Centre goes en bloc again, price unchanged at $1.8bil\u00a0
\nAfter a failed attempt in August, People\u2019s Park Centre has taken another stab at a collective sale, with the reserve price unchanged at $1.8 billion, reported The Straits Times.\u00a0
\nThe reserve price translates to a land rate of $2,620 psf ppr. It also takes into account the differential premium as well as the premium to top up the lease to a fresh 99 years.\u00a0
\nCollective sale committee chairman Koh Yam Khoon said they remain optimistic of selling en bloc since the development is located near an MRT interchange and is near the Central Business District.\u00a0
\n\u201cIt\u2019s time for the Chinatown area to be rejuvenated, so we are confident to have the first-mover advantage,\u201d he said.\u00a0
\nAnalysts, however, remain sceptical since the large quantum poses a high risk for developers.\u00a0
\n\u201cWhile buyers have shown a preference for integrated mixed-use developments, risks for People\u2019s Park Centre are higher and the quantum exceeds $1 billion,\u201d said Lee Sze Teck, Senior Director of Research at Huttons Asia.\u00a0
\nThe tender for the People\u2019s Park Centre closes on 12 December 2022.\u00a0
\n\u00a0
\n10) Commercial investment volume up 30% in Q3 2022\u00a0
\nCommercial real estate investment activity in Singapore rose 30% year-on-year to US$1.5 billion in the third quarter of 2022, thanks to the city-state\u2019s buoyant office sector, reported Singapore Business Review citing MSCI data.\u00a0
\n\u201cA rise in rents and a limited supply pipeline has boosted trading of offices and for the first nine months of the year, deal activity surpassed that for the whole of 2021,\u201d said MSCI.\u00a0
\nIt noted that prices also continued on an upward trend amid improving rental and occupancy levels, \u201calthough this has been driven disproportionately by prime assets\u201d.\u00a0
\nWith the hike in investment volume, Singapore was ranked as the 6th country in the Asia Pacific region with the highest investment volume in Q3 2022.\u00a0
\nIt also emerged as the third most popular destination in APAC for cross-border investments.\u00a0
\n\u201cThe city-state\u2019s safe-haven status continues to attract a variety of private cross-border investors, which has continued to push prices up, particularly for the strata office and shophouse sectors,\u201d said David Green-Morgan, Global Head of Real Assets Research at MSCI.\u00a0
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u202fListings,\u202fProject Reviews\u202fand\u202fGuides.\u00a0
\nFarhan Shafie, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: farhanshafie@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Compensation for Ang Mo Kio SERS residents is about 7.5% higher than previous estimates; About 3% of HDB flat owners have at least one private property and more\u00a0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Compensation for Ang Mo Kio SERS residents is about 7.5% higher than previous estimates; About...<\/p>\n","protected":false},"author":1,"featured_media":131592,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-131591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/11\/singapore-overview.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-yer","jetpack-related-posts":[{"id":128536,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/orto-leisure-park-ground-up-initiative-in-yishun-to-make-way-for-housing-ang-mo-kio-sers-residents-now-allowed-to-apply-for-bto-flat-in-same-estate-and-more\/","url_meta":{"origin":131591,"position":0},"title":"ORTO leisure park, Ground-Up Initiative in Yishun to make way for housing, Ang Mo Kio SERS residents now allowed to apply for BTO flat in same estate and more","date":"August 8, 2022","format":false,"excerpt":"\r ORTO leisure park, Ground-Up Initiative in Yishun to make way for housing, Ang Mo Kio SERS residents now allowed to apply for BTO flat in same estate and more2nd August to 8th\u00a0August 2022 Two state land tenants in Yishun \u2013 ORTO leisure park and non-profit Ground-Up Initiative (GUI) \u2013\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/08\/cover-image-for-news-1.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":125800,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/three-bto-projects-face-further-delays-ang-mo-kio-site-picked-for-sers-offers-significant-redevelopment-potential-and-more\/","url_meta":{"origin":131591,"position":1},"title":"Three BTO projects face further delays, Ang Mo Kio site picked for SERS offers \u2018significant\u2019 redevelopment potential and more","date":"April 12, 2022","format":false,"excerpt":"\r Three BTO projects face further delays, Ang Mo Kio site picked for SERS offers \u2018significant\u2019 redevelopment potential and more5th April to 11th April 2022 The Housing and Development Board (HDB) informed flat buyers at three Build-to-Order (BTO) projects that the completion of their homes would be further delayed. Analysts\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/04\/Yishun-Boardwalk-hdb.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":127100,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-revises-occupancy-rule-for-sers-replacement-flat-new-private-home-sales-in-singapore-more-than-doubled-reaching-a-six-month-high-in-may-and-more\/","url_meta":{"origin":131591,"position":2},"title":"HDB revises occupancy rule for SERS replacement flat, new private home sales in Singapore more than doubled, reaching a six-month high in May and more","date":"June 21, 2022","format":false,"excerpt":"\r 14th\u00a0June to 20th\u00a0June 2022 The 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. \u00a0\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/06\/news-20-june-cover-image-1.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":127552,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-offers-two-new-rehousing-options-for-sers-flat-owners-singapore-private-homes-hdb-resale-prices-up-in-q2-2022-and-more\/","url_meta":{"origin":131591,"position":3},"title":"HDB offers two new rehousing options for SERS flat owners, Singapore private homes, HDB resale prices up in Q2 2022 and more","date":"July 5, 2022","format":false,"excerpt":"\r HDB offers two new rehousing options for SERS flat owners, Singapore private homes, HDB resale prices up in Q2 2022 and more28th June to 4th\u00a0July 2022 The Housing and Development Board (HDB) unveiled two additional rehousing options under the Selective En bloc Redevelopment Scheme (SERS) to provide more choices\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/07\/HDB-offers-two-new-rehousing-options-for-SERS-flat-owners-cover-image.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":112490,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/robust-interest-for-larger-bto-flats-in-ang-mo-kio-tampines\/","url_meta":{"origin":131591,"position":4},"title":"Robust interest for larger BTO flats in Ang Mo Kio, Tampines","date":"November 20, 2019","format":false,"excerpt":"\r Competition for Tengah\u2019s bigger flats, however, was sparse. Image: HDB Bigger Build-to-Order (BTO) flats within the mature estates of Tampines and Ang Mo Kio proved to be a hit among homebuyers at a Housing and Development Board (HDB) sales exercise that ended on Monday (18 November), while smaller units\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90060,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/macpherson-lane-hdb-blocks-identified-for-sers\/","url_meta":{"origin":131591,"position":5},"title":"MacPherson Lane HDB blocks identified for SERS","date":"June 1, 2018","format":false,"excerpt":"\r New replacement flats for affected residents will be built at Circuit Road near MacPherson MRT station. (Photo: HDB) Three Housing and Development Board (HDB) blocks at MacPherson Lane have been identified for the Selective En bloc Redevelopment Scheme (SERS). \u201cBlocks 81 to 83 MacPherson Lane comprise 313 sold flats,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/131591"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=131591"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/131591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/131592"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=131591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=131591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=131591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}