Unwrapped: Is SERS what it is made out to be?

  • The Selective En Bloc Redevelopment Scheme, more popularly known as SERS, was introduced in 1995 as part of the governmentā€™s efforts to renew older housing estates.
  • It entails the government taking back the sites, giving SERS residents a package that includes compensation and rehousing benefits, and the opportunity to move to a new home on a fresh 99-year lease.
  • Yet at the recent SERS exercise in Ang Mo Kio, residents find themselves having to fork out about $100,000 each for similar-sized replacement units.
  • Through our weekly series Unwrapped this week, TheHomeGround Asia looks why SERS is not a ā€œone-for-one exchangeā€ and if the top up is due to the high cost of Build-to-Order (BTO) launches within mature estates.

In our weekly series Unwrapped, TheHomeGround Asia takes a closer look at major stories and happenings that impact Singaporeans.

Online chatter got a lot louder after HDB announced four blocks in Ang Mo Kio Avenue 3 have been picked for the Selective En bloc Redevelopment Scheme (SERS) in April.

Many assumed that the SERS scheme is an almost ā€œone-for-one exchangeā€, allowing them to get a brand-new flat with little to no extra money out of pocket. But it came as a shock when the Ang Mo Kio residents realised that they might have to fork out more than $100,000 each should they pick a similar-sized flat at the SERS replacement site.

The team looks at whether it is fair to make residents of flats picked for SERS top up the difference just because of the higher costs of BTOs within mature estates. After all, they did not choose to move.

RELATED: Unwrapped: The takeover of the Sports Hub ā€“ is this a bailout?

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