On Friday 24th March 2017, Minister for National Development, Lawrence Wong, cautioned buyers not to assume that all HDB flats will be eligible for the Selective En bloc Redevelopment Scheme (SERS). He mentioned that since the SERS scheme was launched in 1995, only 4 per cent of HDB flats have been identified for the scheme.
“SERS, as the name implies, is on a selective basis,” he said. “For the vast majority of HDB flats, the leases will eventually run out, and the flats will be returned to HDB, who, in turn, have to surrender the land to the State.”
He advised young couples to be realistic when buying flats with short leases as flat prices would drop when the lease is ending.
Article contributed by Daryl Lum