SINGAPORE: The Government has identified three HDB blocks at MacPherson Lane for the Selective En bloc Redevelopment Scheme (SERS).
The Housing and Development Board (HDB) said in a press release on Thursday (May 31) that the blocks 81 to 83 comprise 313 sold flats, which are about 50 years old.
Under SERS, the residents of these blocks will move to new replacement flats, sited in a nearby location.
HDB will build new flats, ranging from 2-room Flexi flats to 5-room flats at Circuit Road, as replacement flats for the residents. These new flats are estimated to be completed in the second quarter of 2023, HDB added.
"The replacement flats are located near the MacPherson MRT Station (interchange station for Circle Line and Downtown Line) and Pan Island Expressway. There are shops and eateries nearby, such as the Circuit Road Food Centre and the MacPherson Market and Food Centre. Paya Lebar Square is a few minutes’ drive away. In addition, residents can enjoy recreational activities at the nearby MacPherson Community Club," the press release said.
The SERS plan will also involve 27 sold shops and two eating houses at Blocks 81 to 83 MacPherson Lane.
According to HDB, the owners of these commercial properties will be given compensation based on the market value of their units at the time of the SERS announcement.
They may opt to buy a new unit on a 30-year lease based on selling prices fixed at market value as at the time of the SERS announcement, rent a new unit based on the prevailing market rent at the time of letting, or choose not to take up a new unit and receive an ex-gratia payment pegged at 10 per cent of the market value of the existing unit, the press release added.
HDB said it will inform all SERS flat owners and commercial property owners individually of these plans. They will also be invited to a SERS exhibition which will be held from Jun 2 to Jun 4.
According to the HDB, SERS projects are aimed at rejuvenating older HDB estates. Minister for National Development Lawrence Wong wrote in a blog post in March that SERS "as the name implies is selective".
"It is only offered to HDB blocks located in sites with high redevelopment potential. These are typically sites where the land has not been well utilised. It is also subject to the availability of suitable replacement sites for residents and the Government’s financial resources," he said.
Mr Wong added that only 4 per cent of HDB flats have been identified for SERS since it was launched in 1995 and authorities continue to maintain strict selection criteria for the scheme.