HDB En Bloc 2018. Three Housing and Development Board Blocks are all set to go under Selective En bloc Redevelopment Scheme (SERS).
The government has zeroed on these three sites at MacPherson Lane. This was informed by the HDB in a press release.
The three blocks identified for this scheme are 81, 82 and 83 which are more than half century old and have 313 flats.
As per the scheme all the residents would be given replacement flats in the vicinity and HDB will take up the redevelopment project that will comprise of units ranging from 2-room Flexi units to 5-room spacious units on Circuit Road.
These replacement flats are expected to be ready for move in by Q2, 2023.
The replacement flats are advantageously located with the Pan Island Expressway and MacPherson MRT Station (the interchange for Downtown Line and Circle Line) only few minutes’ walk from the site.
There are also many eateries and retail stores nearby including MacPherson Market & Food Centre and the Circuit Road Food Centre.
The residents will also enjoy the Paya Lebar Square which is only a short drive from the site.
The press release also mentioned that MacPherson Community Club and its adjoining areas promise residents at the new site many recreational facilities.
There are also 27 shops and two eateries that will a part of the SERS plan.
According to HDB, all commercial property owners would be compensated taking into account the market value of their units under the new plan.
They would also have the option to buy a new commercial unit for a 30-year lease period based on the market value during the SERS announcement or rent space as per the prevailing market rate while letting.
Commercial property owners also have the option to opt out of both these options and earn a 10% ex-gratia payment based on the market value of the commercial units at their possession.
In the press release HDB has also stated that all the residential and commercial property owners would be informed about the plan on individual basis and they would be invited for an exhibition to understand the technicalities of the scheme.
Lawrence Wong, Minister for National Development had in the past said that the scheme is selective and the reasoning behind it is to rejuvenate old HDB sites.
Though the scheme is restricted only to HDB sites it is being applied to old sites where the land remains underutilized and there is a high potential for redevelopment.
However, the scheme can only be used when there is an alternate site available for the residents to move in and the Government has the financial resources to take up the project.
Mr Wong finished by saying that merely 4% of all HDB flats have for the moment been shortlisted for SERS after its introduction in 1995 and there is a strict qualifying criterion which the authorities are keen on maintaining.