7 Commonwealth Dr blocks marked for Sers

August 9, 2008
7 Commonwealth Dr blocks marked for Sers
Owners can register for replacement flats around Q3 2009

THE Housing & Development Board (HDB) has identified seven blocks at
Commonwealth Drive for its latest Selective En Bloc Redevelopment
Scheme (Sers).

The 10-storey blocks are 44 years old and comprise 669 sold flats.
The flat owners will be offered replacement flats (up to 40 storeys
high) that HDB is building at a nearby site, conveniently located
near Commonwealth MRT Station.

HDB will build about 730 units of new two, three, four and five-room
replacement flats to rehouse affected flat owners.

Eligible Sers flat owners will be invited to register for their
replacement flats around Q3 2009. The new flats are expected to be
completed around end 2012/early 2013.

This is the 72nd site to be identified for Sers since the scheme was
implemented in August 1995. The latest site, involving Blocks 74 to
80 Commonwealth Drive, was announced last night by Baey Yam Keng,
adviser to Tanjong Pagar Grassroots Organisations during the
Queenstown National Day Celebration Dinner.

The latest Sers plan will also involve 24 rental shops and two rental
eating houses at Blocks 74 to 80 Commonwealth Drive. The eligible
shop/eating house tenants will be given an ex-gratia payment of
$60,000 per tenancy and a 10 per cent discount on their successful
bids for other HDB rental commercial properties. HDB will hold an
exhibition from Aug 14 to 20 to give residents a better understanding
of the Sers plan and its benefits.

Rehousing benefits for eligible Sers flat owners include compensation
for their existing flats based on the prevailing market value;
purchase of replacement flats at subsidised prices frozen as at the
date of Sers announcement; and 20 per cent discount (up to $11,000,
$22,000 and $30,000 for singles, joint singles and families
respectively) if eligible, for the purchase of the replacement flats.

Eligible Sers flat owners who do not wish to take up the new
replacement flats can choose to sell their existing flats with the
rehousing benefits to buyers who are eligible to buy flats directly
from HDB. With the sale proceeds, which will include a premium for
the rehousing benefits, they can then buy a resale flat in their
preferred location.

Anther benefit for the Sers flat owners is that they will be exempted
from payment of resale levy for the existing flats.