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SERS in Ang Mo Kio

The government wants to acquire a few blocks of flats under SERS (Selective Enbloc Redevelopment Scheme).

They offered the existing owner to buy back the redeveloped flats, but the owners have to pay additional money, which they cannot afford.

This has caused much difficulty to the owners.

I suggest the following approach:

a) Allow the affected owners to give up their flats and receive a compensation that is higher than the current market, say 20% higher. They don’t have to pay a sales levy. They will be happy.

b) They can buy another resale flat from the market. They may wish to choose a location or flat type that best suit their needs.

This is a simple approach.

I wonder why our highly paid ministers and civil servants do not want to adopt it.

 

Tan Kin Lian

 

 

yyy
READER COMMENTS BELOW

26 Responses to “SERS in Ang Mo Kio”

  • In China, the affected homeowners can choose to receive an entire CASH payment forgoing the new flats, they can then move in with their children, sibling or relative.

    Is that even an option in Sinkieland or these homeowners are forced to take the new flats?

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  • P Against People:

    They can. The new owner joins the SERS and get the new flat.

    TRE Tech:
    In China, the affected homeowners can choose to receive an entire CASH payment forgoing the new flats, they can then move in with their children, sibling or relative.

    Is that even an option in Sinkieland or these homeowners are forced to take the new flats?

    Tech: Neh, I meant the affected owners DO NOT take the new flats but just the cash payout, which will of course include the value of their existing flat.

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  • Smart Nation:

    Affected Lessees should be compensated with a new flat of the same size in the location of their choice. If the new flat is smaller, then the afffecte Lessees should be compensated for the difference in cash at current market price per sq meter/ft.

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  • xoxo:

    Is SERS program meant to help or add burden?

    The old n needy sgs’ financial positions mist be thoroughly considered.
    If needs exist,govt must give aid.
    Desmond Lee ,son of Suan,pls be considerate.
    We know your dad has no money issues after all the million$ he gotten but many older sgs are not that fortunate.

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  • Rich man:

    TKL is a rich man and doesn’t understand HDB owners and resale market. The old owners already can sell his old flat on the open market, and likely at a premium much higher than 20%.

    Take the case under consideration. For a new owner, he gives up his newly bought old flat to HDB (gets $450,000) and gets a new flat from HDB (at a cost of $545,000). Add some fees, likely $50,000. The new owner, after paying $XX to the old owners, has to pay HDB about $145,000 for the new flat.

    How much will you pay, if you like the new flat? Your cost will be $XX + $145,000. If you think the new flat is worth $800,000, $XX will be $655,000. $800,000 is a reasonable estimate with the current market. The old owners will get $655,000, a premium of 45% over the old flat open market value of $450,000 before SERS announcement.

    The old owners can buy a similarly priced non-SERS old flat, and pocket the difference. $ wise, it’s a good deal. Of course, one can factor in social cost, mental stress, loss of good old friendly neighbors, etc.

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  • Harder Truths:

    These areas will be sold to developers for private condo and such for new FT. I find it amusing that the stronghold of Ang Mo Kio – the bastion of Regime rule where no less than 70% vote for the Regime every election – is going to be a FT haven. And the karma-hit locals will be scrambling to find places to live.

    This is just a beginning. Mature estates are the biggest generator of $$ for Regime. It is clear developers are demanding (and getting) this land whatever the price – because there are FT always willing to pay. As usual $inkies will lose and the Regime and their FT the winners.

    I am looking forward to more and more resettled $inkies being displaced to Pulau Ubin.

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  • ah seng:

    It used to be 1 for 1 until ex Malaysian fake buddhist KBW decided to change policy to debt trap Singaporeans using lease.

    So these folks voted PAPPY, blame who.

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  • theforgottongeneration:

    On HDB & our housing policies, I believe the initial intent of HDB to provide AFFORDABLE housing is correct at that stage in time for SG. The 99-year lease was probably something the 1G leaders thought would be addressed by the 3G/4G leaders – like maybe after 50+ years, they thought most Singaporeans would be living in bungalows as Swiss standards. Instead our current monkeys can only think of schemes like SERS.

    On AMK, HDB website listed 14 5-rm and 32 4-rm resales in May 2022. Of these 5/14 (35.7%) of the 5-rm are 2018 flats, while for 4-rm it is 10/32 (31.3%). With a MOP of 5 years:

    1) Why are 2018 flats allowed to be resale NOW??? (2018 + 5 = ???)

    2) Why such a high percentage of 2018 flats? Considering there are late 1970s, 1980s, 1990s, 2000s and 2010s flats. Are there speculative buyers who hit-and-run with HDB new launches? Is HDB allowing this? Years back, one unit on my floor a PRC bought resale from second owner (a CECA); after about 4-years, he also bye-bye SG. Are these PRs or NCs? Stay long enough can be SG Core, hor?

    3) By including these 2018 flats in the valuations of AMK resale prices, the 5-rm average index increased by 48.8%, while the 4-rm average increased by 71.9%(!). Notwithstanding newer flats have higher values & the above is very rough using averages, but is this how HDB can claim HDB resales prices have INCREASED to a sotong public?

    4) AMK is used as illustration here (since TKL mentioned AMK); the rest of the estates have also 2018 flats listed as resales (go HDB website to see yourselves). Any property agents can enlighten us on this issue? Where is
    TRE’s resident pappies-doggie?

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  • illiterate pap voters:

    ah seng:
    It used to be 1 for 1 until ex Malaysian fake buddhist KBW decided to change policy to debt trap Singaporeans using lease.

    So these folks voted PAPPY, blame who.

    Very well said, bro.

    This same Msian cow boon hwan lied when he was asked how come the new HDB flats are getting smaller and smaller. Let us be reminded of what he said. This Msian cow boon hwan said, no such thing as smaller and smaller because they remain the same size.

    If anyone truly notices, 900 sq ft cannot be the right size for a family with children. Simply too cramped.

    We only hope oldies with children getting married realizes this truth and start by voting for regime change. Because as long as pap remains as government, pap shall build smaller and smaller HDB units so that space can be freed up for 10.0m mouths.

    On the other hand, if folks don’t mind, a few miles north across the causeway things are much more better, although sometimes a bit of inconvenience arises when need to cross the causeway to come back to pap island to collect rent or to update passport and such.

    Even living in Johor is fine, it is still a very good thing to vote into power a New Government. because the current pap is nothing good at all, absolutely not good at all.

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  • mrWie:

    this boils me down to two questions …

    (1) do our souverignity wealth funds really makes $$$$$$$$$?

    (2) or is this simply ROOT-OF-ALL-THE-EVIL’s GREED?

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  • opposition dude:

    As of now we do not know how HDB will handle this as they merely said they will give a reply in the 4th quarter of this year. The main issue is that HDB prices these old flats to their own formula and not what is the current selling price leading to a good amount lost to the flat owner. HDB expects them to just accept whatever value is offered and use it to buy/downgrade to something cheaper.

    All this would be a non issue if HDB just kept to the same rule of a 1 to 1 replacement but alas, HDB is far too greedy for money as usual.

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  • 2Daft2Live:

    Many daft Sinkaporeans still don’t get it. If you got an oil well in your backyard and you need money, what will you do? Answer: pump as much oil out and sell it for cash. Singapore don’t have any natural resources except the people. So when the authorities need money what do they do? Answer: squeeze the bloody juices out of the people.

    All these decades, the daft Sinkaporeans had been sending a clear message to the ruling party that they don’t mind being treated like a cash cow and getting milked all the time. Isn’t these what the fervent AMK supporters voted for? So what’s the issue?

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  • AristoCATs - Leechs ?:

    LKY said – “What’s wrong with collecting more money?”
    -
    More than 39% should try the Power of the Ballot Box !

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  • xoxo:

    Btw,new flats do not mean better.⁵
    Nowadays,contractors’ quality standards seem to be compromised in terms of observing durability and safety standards.
    Looks nice from outside only.
    And,what about proximity like AMK HUB VS ITE COLLEGE CENTRAL?

    HDB ,being the *en bloc* developer needs to fully compensate the affected flat-owners.

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  • PAP the Narcissist:

    The PAP Administration talk empty, boasts empty ALL in the names of Cocks and Hens.

    Their loud and big shout about climate friend and sustainability leaning towards PURE LIES at most.

    How is enbloc detriment or not to the environment – PAP is damn DEFINIIVE, DEAFENING silent.

    One is wise NEVER never to believe in all their BS’s about their green efforts for SG.

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  • Cancel the PAP:

    AristoCATs - Leechs ?:
    LKY said – “What’s wrong with collecting more money?”
    -
    More than 39% should try the Power of the Ballot Box !

    Trump said, election is stolen. Election is rigged. He speaks for SGpns mah. He has a reference to SG too.. coz I believe he has telekinetic powers. Don’t pray pray ah.

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  • Smart Nationn:

    2Daft2Live:
    Many daft Sinkaporeans still don’t get it. If you got an oil well in your backyard and you need money, what will you do? Answer: pump as much oil out and sell it for cash. Singapore don’t have any natural resources except the people. So when the authorities need money what do they do? Answer: squeeze the bloody juices out of the people.

    All these decades, the daft Sinkaporeans had been sending a clear message to the ruling party that they don’t mind being treated like a cash cow and getting milked all the time. Isn’t these what the fervent AMK supporters voted for? So what’s the issue?

    LOL! It’s not the fat cows, but the lean cows – the working class who are struggling to make ends meet – that are being squeezed dry. The well-fed cows have plenty of milk to spare because they graze and luxuriate in green pastures. The fatted cows eventually eat up everything and leave nothing for the famished cows.

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  • KT2:

    Since it was the garmen who initiated the first move to enbloc w/o discussion with the flat owners, they shld ensure that the home owners do not lose out in all aspects. In the first place, the flat owners did not choose to move out. They shld help, critically the retired flat owners who have no more income and for their survival, they are “eating into their remaining savings” each day of their life !

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  • I_am_Mike:

    Aiyo very simple, SERS project has been on for about 30 yrs, one plate of wanton noodle already increased from $2 to $4.50.

    The grant and compensation of SERS did not increase. Like that how can? Not reasonable lah.

    AMK 562 to 565 residents should Q-up at the LHL meet people session… errr got meet people session boh? To ask for inflation increment to SRS grant lah.

    Either HDB folks are sleeping on the job or act blur to meet KPI of making $$$ for their boss.

    Tech, dio boh?
    Err… is TRE closing down soon? So sorry to hear that ah…

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  • I_am_Mike:

    It used to be replacement same type get some $$$.
    Upgrade one size larger type no need pay extra, and square out.
    Upgrade two size or more larger top up $100k +

    HDB is quitely reducing the benefits ah?

    This is what happens when parliament give up it’s power to let individuals ministries or g-agencies to suka suka make their regulations and policies.

    We voted for it. lol

    Dump SGrean steal sleeping ah? Need more cheena new citizens to teach us how to demand for fair compensation?

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  • Trust only myself:

    What is the objective for having SERS…..?

    Liars want to make more money and increase population to 10M…….

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  • NotMyProblem:

    I want to sympathise with those affected by this SERS in AMK, but on second thought they voted for this isn’t it?

    As the person they voted for, did said “You voted for PAP because you agreed with its policies”.

    This predicament would eventually affect the other constituencies, and that would be a pity. I feel sorry for these people.

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  • Harder Truths:

    opposition dude:
    As of now we do not know how HDB will handle this as they merely said they will give a reply in the 4th quarter of this year. The main issue is that HDB prices these old flats to their own formula and not what is the current selling price leading to a good amount lost to the flat owner. HDB expects them to just accept whatever value is offered and use it to buy/downgrade to something cheaper.

    All this would be a non issue if HDB just kept to the same rule of a 1 to 1 replacement but alas, HDB is far too greedy for money as usual.

    The decision is made by URA, not HDB on when redevelopment is required. I believe this land will be sold to developers for private estates that will be sold to FT.

    There are millions of rich FT who are desperate to come to $inkieland. What is wrong in making more money?

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  • HDB Ponzi Pyramid:

    The first sign of the collapse of the HDB Ponzi Pyramid.
    As the 1,000,000,000 flats ages every year, SERS will no longer be financially viable for cash-strapped oldies.
    Many will then vote NO-to-SERS if allowed to; or they will vote-no-to-papigs.
    So the fuse to the HDB_ponzi-timebomb have already been lit.
    Papigs thought they can kick the can down the road forever!

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  • option lah:

    For those old Seniors who has no cash to buy the new flats, suggest that their new flat be given less numbers of years instead of the std 99 years,so that they need not come up with any cash.
    The value of their flat will be less.

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  • mrWie:

    VOTE THEM OUT!

    because if the citizens do not take action …
    his will be their modus operandi

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