Debated in Parliament on 4 Jul 2022.
Mr Raj Joshua Thomas asked the Minister for National Development with regard to the HDB's recent Selective En-bloc Redevelopment Scheme (SERS) at Ang Mo Kio (a) what is the number of affected owners who are senior citizens and have finished paying their housing loan for their flats; (b) how many of such owners will be required to take a new housing loan to secure their replacement flat under SERS; and (c) whether any assistance will be provided to such owners who are not able to secure a new housing loan.
For the Selective En-bloc Redevelopment Scheme (SERS) exercise at Ang Mo Kio Ave 3, there are about 350 flat owners who are currently 55 years old and above. A large majority of these seniors either did not take a loan for their existing flat or have fully paid up their HDB loan.
Based on the estimated compensation amounts and estimated selling prices of the replacement flats at Ang Mo Kio Drive, flat owners will generally be able to purchase a replacement flat of a similar flat type on a fresh 99-year lease with the compensation provided. Seniors can also buy a 2-room Flexi flat with a short lease ranging from 15 to 45 years.
Nonetheless, we understand the concerns of flat owners, especially seniors, who have indicated that their priority is to move to a replacement flat of similar size and in familiar surroundings, and that they do not need a full 99-year lease given their age.
Taking into consideration the views and feedback from the residents, MND and HDB have provided two additional housing options to meet the different rehousing needs of SERS flat owners. Seniors will now also have the option to buy a 3-room or larger new replacement flat at the designated replacement site on a 50-year lease, or take up the Lease Buyback Scheme (LBS) for their SERS flat and buy a short-lease replacement flat thereafter. Those who take up these options should not require any loan for the purchase.
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