Earlier this year, the government announced that 4 HDB blocks in Ang Mo Kio were picked for the Selective En bloc Redevelopment Scheme (SERS). Under the scheme, residents are supposed to be offered new homes nearby, while the old site will be redeveloped.
However, the exchange is not one-for-one, and residents are very worried about how they can afford to pay the difference.
“We can’t have a one-for-one exchange, which makes it tough for us. My husband is old so how can he still be working after five years? How would we pay for the house?”
Lim Hoi Sim, in an interview with CNA
There is no one-to-one exchange.
Residents selected for SERS received a financial guide which indicates that owners of 4-room flats will receive about $450,000 in compensation. However, a replacement four-room flat is going to cost about S$564,766.
“It’s okay if we manage to sell our flat (on the resale market) for a higher price (because) I can still buy another house to live in. If I sell it at too low a price, I won’t be able to afford a similar four-room flat. I’m stuck between a rock and a hard place (as) I can’t afford HDB’s replacement flat either. I don’t know what to do.”
Teo Boon Jia, in an interview with CNA
Another resident’s daughter shared that her family met with a property agent, who told them that her father does not have “enough in his retirement account”. This means that “after returning this (flat) to the government, he might have to top up about S$70,000 (or so).”
HDB is heartless!
The residents are being forced out from their (most likely fully-paid) HDB flat. Yet now they have to fork out extra money? The new flats are ridiculously expensive, if given a choice these residents will not even want to move!
Most elderly also have no income as they have likely retired. That’s exactly what Huttons Asia’s research director Mr Lee Sze Teck told CNA in his interview. This means that they will not even qualify for a loan.
HDB obviously never think about their residents’ financial situation because they cannot be bothered!
So better not to have SER cos need to top up why that time in Toa Payoh my friend no need to top up and also provide 100k fir renovation and moving too.
Its obvious tt new HDB flats are no more subsidies, but are sold by govt at open market rate,… even tho they claim tt it is. High prices are unfairly justified using many irrelevant factors.
And at the same time, resale flat prices are unfairly reduced, via various cooling measures, again unfairly reduced citing
affordability for buyers as an excuse.
This same excuse of affordability or cooling measures is not applied to new BTOs.
This is a sad reality which no one can challenge.
A compelling reason for regime change.
If bto are not subsidised then why is it we can sell them for a $100,000-$500,000+ profit 5 years later? They clearly are, their prices are increasing every year but that still doesnt change the fact that its still subsidised. Resale prices are not going down anytime soon, the cooling measures will only stablise them, that is no reason why they would go down, this isnt how economics work, that is always strong demand for resale hdbs so the prices wont go down. I will say through the introduction of hdb enhanced grant for resales is 100% the main cause for the huge price increases we have seen in resales, of course resale prices will increase accordingly when you make them too cheap as people are willing to pay more than asking since theres the hdb enhanced grant which drives up resale prices to where they are today.
Singapore is so expensive to live in many younger people are thinking and planning to emigrate. They cannot afford to buy a home, a car…etc. Talent drain is inevitable. Very sad.
I am 70 @L$0 want to run away if any English speaking country would accept me. How to tahan like that? Can’t those MPs raise this in parliament? 18K a month, where got time? Make it one to one exchange based on the same remaining lease. You want to upgrade to a bigger unit than pay the difference is reasonable. Anyone disagrees, including die hard PAP supporters, please comment.
Our late father Mr Lee Kuan Yew took care of Singaporeans and make sure homes are affordable to fellow citizens. The new generation governing is about business, squeezing money from the financially struggling people to meet their own targets. Housing prices have gone up so much, salaries don’t increase as much. Meeting end meets are difficult, now it’s either you choose food or accommodations. Looks like you can only choose food and sleep on the street if you can’t afford a decent home. It’s so sad.
That has nothing to do with the government really , its just the direction the world is moving in. Its the same in the US but worst, same in europe, same in malaysia, same everywhere in the world so just deal with it and stop blaming the government for everything. They are not the best but they are not bad either.
Our government is the highest paid in the world, how dare you say they are NOT THE BEST?
Totally agreed on your comment. Singapore is for rich people to stay. Taxes and high rising cost to meet fat salaries for the so called elite leaders. Very sad and worry for the younger generation.
Very inconsiderate.
Is this a people’s party?
Why keep enblocing old estates?
On the surface, it looks welcoming .
A delight to youngsters or to PR who happens to stay in these areas.
But do consider some of their elderly who have been living the estates for so many years.
Their savings are meant for their retirements, medicals and even funeral arrangements.
If really emparhize with the older generations, do think of their livelihood.
Let them enjoy their lives in peace..
Do not cause undue stress and worries for them and the children.
Even if one is talking about enbloc benefits.
With the raising costs in owning a property, one can only downgrade to save aside for renovation and settling down.
If want to be commented for being people’s party, do reach out to hear the voices of true Singaporeans who have grown up with Singapore, feeling comforted and relaxed.
But now there is uncertainty.
One is unsure of what ‘out of box’ ideas will be implemented.
Gone are the greenery and cool breeze.
Money is using as bait for people to move out.
We are so like Hong Kong.
Those dramas which i used to watch during my younger days.
Selling lands to private developers without thought for the citizens.
The true ethnics in serving people needs to be reviewed from all angles.
Money is just one item to be people’s party.
The true hearts to serve people is the morality.
You are moving from about 50yrs HDB to a brand New 99yrs flat. It logically you need pay to top up.
Looks like our new government themselves wanted to have their retirement days & take no interest in the citizen. It’s a harsh & cruelty stands in this very city. Daylight robbery is a norm by making it their law.
Absolutely right Qin Jin;
These new ministers these days are entirely different from our late founder LKY.
Guess they care more for their own well being more than the one seniors who together with SG Old Guards to develope SG to what’s today to be dump aside and forgotten.
Sad ending loss & forgotten
Very detailed catering for our stay in Renaisance Hotel JB.
Appreciate your thoughtful hospitality. Thank you.
when make $, keep quiet, original owners should have cleared their loans donkey yrs ago and should be able to encash a few hundred thousands, what’s the original price 40yrs ago? 60k or less probably. topping up 100k should not be an issue for most, if can’t afford, then down size, afterall, the lease do not have much left, so taking back at 450k is quite a good value compared to what they have paid for. And how much can the owner sell after 5 yrs MOP? will they sell for 500k? no way, they wan to make $ and will be asking for 700k and above or even try 800k, so how much they can profit from it again?
This is one of the risk buying HDB flats, owners should be able to accept this, if the compensation is not enough to buy a 4-room, buy a 3-room instead
I have always believed (for as long as I started moons ago to be politically awared, perhaps after my NS, and thence studied PAP ideologies and actions), nothing the PAP Administration will do for SG, to SG, if they do not have any political gains, long or short term.
Invariably PAP Administration social actions are always most of the time if possible, a double edged sword, and in disguise NOT TO REVEAL too much to the average SGpn its real aims behind the frontal policy matter.
Lastly is en bloc in line with sustainability, environmental friendly, carbon friendly aims of PAP?
PAY N PAY. What do you expect?
The HDB must breakdown the cost of BTO flats. It’s the government wants to do SERS as such they need to pay according to open market rate plus give special grants to the effected flat owners. What is the point in SERS if we need to take up another loan to pay for the BTO. The BTO flats are much smaller. What is to happen to those having big families and staying in a 5 room flat currently, if they are to move to a 5 room BTO which is like a bird’s nest? Why is BTO flat prices too expensive?
With a new flat costing at a higher than the buy over SER program flat, of course it is not enough to cover for the elderly. The government should consider to have a 1-to-1 replacement for SEE program when every year, the HDB prices getting higher. With $ 500K & above for a 3- / 4-room HDB flat (depending on location), SERS program is no longer the favourite program. HDB should rethink what is the purpose of HDB since the 60s & the objective of this SERS program. HDB becomes another developer that only thinks of profit making & not providing roof over the head for the SGP citizens.
Agreed this SERS is a very bad deal. It’s inhuman and blood sucking, forcing Singaporeans to come out $100K is not acceptable. We work so hard to fully pay for our flat loan and now want us pay some more or down size. This is bloody sucker!
Looks like SERS is curse rather than a blessing! Poor seniors! Being forced out of their home… home not house! This home is their only asset! It has become a liability!!!!
Quote all my life I’ve been trying to make ends meet , but when I have the means, they have moved the ends farther apart , Singaporean way of life ?
They probably have to pay a levy too which is strictly cash, no loan or CPF. Which was why I gave up on my flex-flat. I don’t agree with the rational of a levy, just bcos it’s a new flat.
Since the lease has yet complete, why so hurry to take back. How about this elderly without any income to pay for another flat. Please don’t do this elderly and they built our nation for many years. This is their only asset till end.
Why ..we still vote for them.. blame it on yourself 😭😭😭😬😬
Why not downgrade to a smaller unit since the eldery people know that you have no income. Why insists of having a four room flat. No free lunch in this world.
1) wonder If for telok blangah heights (S100056) area …will be considered for SES.?.. .. since it was 1st built at around 1976 and my parents owned it over for 46 years now…
Today the present HDB ambitious policy only look on the side of benefits for their promotion and keeping up to private property price. Initially SERS scheme for 4roomers is able to get a new HDB 4room. Believe HDB can help such residents to get similar age similar size flats and itlso timely to relook old schemes eg. penalising HDB owners a high percentage resale levy who sold SERS acquired flats before 2005. Such owners whose neighbours likewise sold their flats after 2005 at much higher profits were able to buy new flats and pay a much lower resale levy of 40/45k. Where is the logic?
Can anyone advise what is the difference in amounts between gov’s selling prices and the gov’s actual cost prices in developing hdb flats?
In the time of lky he make sure the hdb is affordable so citizen can buy and own their house. Now hdb think they are property developer must make profit. You take taxpayer money，your aim should be to provide affordable shelther for your people not for you to earn from your people. 不食人间烟火，不知人间疾苦。This goes on pap will fall very soon.
The title is very misleading. Couple are compelled to sell their HDB due to SERS.
But they are NOT forced to purchase the brand new replacement flat.
Should they purchase the brand new replacement flat, it’ll go on the market at 600+/700+ once MOP in 5 years. Hence why it is deemed to be sold at subsidised prices.
If they can’t afford the new flat, they can always get a resale flat at the same or lower cost in AMK (ie: same lease period left).
This article reeks of desperation to sow discord in our community. While I’m not a fan of many government policies, this conundrum is as clear as day.
There is always 2 side to a story and every action can result in either opposing extreme outcome. Achieve 平衡 is important and being constructive helps resolve issue than destructive. HDB could help these elderly residents out by identifying suitable replacement units by exploring with residents options of choosing lower floor units as higher floor cost more & more expensive, downsize so that elderly can manage & have some saving to manage their expenses, or provide options of other locations other than AMK as prices of different locations are price differently and more matured estate cost more. Believe HDB is creative and can come up with many more suitable options to tailor to individual residents’ needs. There just need open communication between parties and less speculations and assumptions. Afterall, we are all Singaporeans serving one nation, as our founding father Lee Kuan Yew taught & instilled in us.
It’s ashame for Hdb to expect retired Seniors to top up when they hv no income& you hv place them in such a position.Are you heartless ?
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