2nd time getting a flat from HDB
Wife and I reached HDB early on the 9 May 2022. After looking through the signage, we found the SERS corner at Level 2 and got a queue ticket from the machine.
Viewing of model
While waiting for our number to be called, we saw the model of the new blocks again. The 1st time we saw the model was the SERS Connect session at the void deck. However during that session, many residents were crowding around it.
This time there were nobody around and we can take our own time to examine the details.
Mr & Mrs…Eh, MIA…. 🙂
The family that was supposed to be in front of us didn’t show up when their number was called. So we were the next in line. Our SERS Journey officer is a young lady who also happened to be staying at AMK.
After verifying our identities and gotten our permission to access into our CPF, she asked if we would like to stay on which floor at the new flat so that she can help us worked out an estimate of how much we had to pay for the new HDB. Exhange 1 old flat for 1 new flat as per what some outsider speculated? Ya, wait long long.
Selecting new HDB flat is like selecting a condo. Pricing of each unit is different due to the level and orientation of the unit. The higher unit with the best unblocked view will be among the highest in cost. I also don’t expect the government to pay a premium over the market valuation. If we can get $400,000 for our old unit, count myself lucky.
We told the HDB officer that we wanted the 92sqm 4 room unit on the highest 25th floor. The goal is to see if we received $400,000 compensation from government, how much do we have to top up.
The estimated payable amount for the 4 room unit is S$580,225. After deducting from CPF and SERS compensation, we still expected to top up around S$90,000. Not to forget that even with the most basic and modest renovation, we still have to fork out money for kitchen cabinets. We estimated that with the top up and renovation, if we wished to stay at the highest floor with the best view, we may need to stand by S$120,000 – $150,000.
By the time we get the keys to our new flat, GST will be 9% and cost of building materials would had went up several folds. And the thought of taking up new loans will be even more é›ªä¸ŠåŠ éœœã€‚Government said they preparing $640 million to cushion impact? Ya, right. Let’s wait and see.
To my wife, she viewed the entire SERS exercise as nothing more but just to spend more money to buy another 40 plus years of lease from the government. She’s not wrong though. A lot of seniors are therefore choosing to downgrade their existing 4 room to 3 room or 2 room Flexi in order to avoid top up. That seems like a downgrade in lifestyle but one has to be practical.
