Congratulations ! Ang Mo Kio SERS flats to get 7.5% higher compensation ! That is the big news today.
The owners of the infamous Ang Mo Kio SERS flats (Blocks 562 to 565 on Ang Mo Kio Avenue 3) will get 7.5% higher compensation than earlier estimated compensation. This was announced today by HDB on 10th Nov 2022.
The four impacted blocks – Blocks 562 to 565 on Ang Mo Kio Avenue 3 – comprise 606 units of mainly three-room and four-room flats.
This is the new compensation table for the owners of these controversial SERS flats
The reason given for the higher compensation to resale market movements between the initial estimates done in February 2022 and the SERS announcement on April 7. This is true as explained in this article on rising HDB resale prices.
Apparently the HDB valuers have been working hard too as the new compensation amounts also take into account the condition of each flat following a physical inspection, with well-renovated and well-maintained flats commanding higher market values.
Ang Mo Kio SERS flats to get 7.5% higher compensation : There is also a $10,000 removal allowance
In addition to the compensation for their flat, HDB will also pay flat owners $10,000 in removal allowance to cover moving costs, as well as the stamp and legal fees for the purchase of a comparable replacement flat. This will further sweeten the deal for the lucky owners.
Remember that SERS flat owners will already be receiving a SERS grant of up to $30,000 for the purchase of a replacement flat. The COMPLETELY NEW replacement flat comes with a full 99 years lease too.
It seemed their unhappiness in social media might have helped in getting a better deal !
Where will be the SERS replacement flats be
Flat owners will be offered new replacement flats that will be built at Ang Mo Kio Drive.
The new development will comprise six blocks with a total of 1,065 units, comprising two-, three- and four-room units.
Options Available for SERS Owners
Flat owners can choose a completely new replacement flat with a fresh 99-year lease.
Uniquely, they can have the option to choose a three-room or larger new flat on a 50-year lease (if the 50-year lease flat is able to last the youngest flat owner till at least age 95).
Flat owners aged 66 and above can opt for a new two-room flexi flat on a short lease, while flat owners who are at least 65 years old also have the option of taking up the Lease Buyback Scheme for their existing flat and buying a short-lease new replacement flat thereafter.
And if they don’t want the new flats
If the owners don’t want the new flats at the Ang Mo Kio Drive replacement site, they can choose other rehousing options, including
- buying a new Build-To-Order (BTO) or Sale of Balance Flats unit with a priority allocation e; buying a flat from HDB’s open booking of flats with the Sers rehousing benefits;
- buying a resale flat from the open market using either the SERS compensation amount and an ex-gratia payment of $30,000 plus the Sers grant (if eligible), or the proceeds from the sale of their Sers flat with its rehousing benefits.
MOP for SERS flats
With effect from April 2022 (in fact these SERS flats in Ang Mo Kio was the cause of the change), MOP for SERS flats are now five years from date of collection of keys.
