It’s July 2025 now and starting season for the selection of SBF for AMK.
The dramatic price increase for a 20th floor, 4-room, 93 sqm unit at Block 809A Pine Ville @ AMK—from $538,000 during the Oct 2023 SERS selection to $632,200 in the Feb 2025 Sale of Balance Flats (SBF)—is a development that stirs mixed feelings among SERS residents. Especially for residents like me that had to top up an additional $157,151 for the 99-yr SERS flat.
From a SERS Resident’s Perspective
SERS (Selective En-bloc Redevelopment Scheme) was designed to provide eligible residents with a chance to move into brand new flats at subsidized prices, often viewed as a form of compensation for the compulsory acquisition of their old homes. For many, this represents a once-in-a-lifetime opportunity to secure a new home in a familiar estate at a price below market value.
When SERS residents selected their new units at Pine Ville @ AMK in October 2023, they were offered prices reflecting this policy: $538,000 for a high-floor, 4-room flat—a figure that, while substantial, was still competitive compared to open market and resale prices in mature estates. This pricing was a key part of the SERS promise, helping to cushion the disruption of relocation and offering a tangible benefit for affected households.
The Price Jump: What Changed?
Fast forward to February 2025, and the same unit was listed at $632,200 for the Sale of Balance Flats. This is a 17.5% increase in just over a year. For SERS residents, this price surge underscores several realities:
SERS Privilege: The lower price offered to SERS residents is a unique, one-time benefit. Once the initial SERS selection is over, any unsold flats are released to the public through SBF or Open Booking at market-aligned prices, which are typically much higher. The $538,000 price tag was never meant to be available to the general public.
Market Dynamics: The SBF price reflects not only current market demand but also the premium attached to high-floor, new flats in a mature, well-located estate like Ang Mo Kio. Rising HDB prices across Singapore, especially for new launches in popular areas, have pushed prices higher for subsequent buyers
Perceived Windfall vs. Reality: SERS residents may feel vindicated in their decision to select early, but this also highlights the growing affordability gap for those outside the SERS scheme. While some may view the SERS process as a “windfall,” others recognize it as fair compensation for the loss of their old flats, not an opportunity for speculative gain
Emotional and Social Impacts
For SERS residents like me, the price difference is a double-edged sword:
Gratitude and Relief: There is relief in having secured a home at a “lower price“, especially as property values continue to climb. This reinforces the value of the SERS benefit and the importance of timely decision-making.
Concerns for the Next Generation: The rapid price escalation raises concerns about affordability for children and relatives who may wish to live nearby but are now priced out of the estate.
The price jump from $538,000 to $632,200 for the same Pine Ville @ AMK unit starkly illustrates the privileged position of SERS residents (whether you are Ah-Q and just suck thumb about it) in Singapore’s public housing landscape. And that’s even before the Minimum Occupation Period of 5 years!
While it highlights the effectiveness of SERS as a compensation mechanism, it also brings into focus the broader challenges of housing affordability and social equity in mature estates. For SERS residents like me, can it be consider as tio TOTO after all? LOL.