Debated in Parliament on 4 Jul 2022.
Ms Hazel Poa asked the Minister for National Development whether there is any difference in the way compensation is calculated for HDB flats acquired under the Selective En-bloc Redevelopment Scheme (SERS) now, and since it was implemented in 1995.
The Selective En-Bloc Redevelopment Scheme (SERS) was introduced in 1995 as part of our estate renewal strategy for older HDB estates. It allows us to renew older estates, optimise land-use, and provide better homes for residents.
In line with the Land Acquisition Act, flat owners are compensated for the SERS flats based on the prevailing market value at the time of the SERS announcement. This approach has been applied consistently across all SERS exercises, including the most recent exercise at Ang Mo Kio Ave 3. The market compensation is assessed by a professional private valuer, and takes into account the transacted prices of comparable resale flats, the remaining lease, as well as the flat attributes (e.g. type and size of flat, storey height, and extent of renovations done).
On top of the market value compensation, flat owners will receive a SERS grant of $30,000, a removal allowance of $10,000 to defray the relocation cost, and payment of stamp and legal fees for the purchase of a replacement flat equivalent in value to their SERS flat.
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