What does it all means?
SERS was adopted by HDB as part of a programme to renew and redevelop aging public housing estates. The government buys back older flats before the end of the 99-year lease and redevelops them under this scheme. This implies that as an existing SERS flat owner, you can sell your old HDB at market value and purchase a brand new subsidised flat with a fresh 99-year lease while receiving compensation, subsidies, and grants.
# 1 – The market value of your home is assessed by a private expert appraiser
After receiving all the hype that it was selected for SERS including good news and exhibitions, a private expert appraiser comes and evaluate the market value of your home. This valuation process is important in determining the final amount you will receive from the HDB as part of your repurchase.
# 2 – You have the opportunity to show your artistic flairs and help shape the new surroundings
After evaluation, you will be invited to a SERS Connect meeting and an HDB representative will verify your eligibility and ownership. During this interview you can show your favorite type of apartment. Your preferences regarding accommodation facilities are also collected.
In contrast to the new BTO home development, under SERS, existing homeowners can influence future home home development through defined preferences. It can take the form of more facilities, such as games for children and shared areas for activities for the elderly.
# 3 – You will enjoy prior selection of HDB flats in the new estate cum all the rehousing benefits (if eligible)
Under SERS, existing homeowners are guaranteed a new home with nearby development (ya, right). These new homes will be sold at a subsidy price and the price will be set when the SERS is announced. After notification of compensation, SERS homeowner can select the desired home from the alternative home options available at the designated alternative location for the new apartment. You even have the opportunity to stay with your favorite neighbor. The joint selection system allows up to 6 households to choose their home on the same day.
You can also enjoy the following benefits of SERS relocation..
- $30,000 grant to buy a new flat at a subsidised price
- Waiver of fees including administrative and booking fees for the replacement flat
- Resale levy or premium concessions, capped at $30,000
- Removal allowance at $10,000 per flat