New replacement flats for affected residents will be built at Circuit Road near MacPherson MRT station. (Photo: HDB)
Three Housing and Development Board (HDB) blocks at MacPherson Lane have been identified for the Selective En bloc Redevelopment Scheme (SERS).
“Blocks 81 to 83 MacPherson Lane comprise 313 sold flats, which are about 50 years old,” revealed the Housing Board in a statement on Thursday (31 May). Blocks 81 to 83 also have 27 shops and two eating houses.
More: HDB Launches 6,992 Flats In May
Residents at these blocks will be offered new replacement flats ranging from 2-room Flexi to 5-room flats at Circuit Road.
Set to be completed in Q2 2023, the replacement flats are situated near MacPherson MRT station and MacPherson Community Club.
Meanwhile, the commercial property owners will be given “compensation based on the market value of their units at the time of the SERS announcement”.
These owners may choose to acquire a new unit on a 30-year lease based on selling prices fixed at market value during the SERS announcement, rent a new unit based on the prevailing market rent during the time of letting, or choose not to take up a new unit and receive ex-gratia payment, which is pegged at 10 percent of the existing unit’s market value.
“HDB will inform all SERS flat owners and commercial property owners individually of these plans,” it said.
“They will also be invited to a SERS exhibition which will be held from 2 to 4 June 2018.”
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org