For the Selective En Bloc Redevelopment Scheme (SERS), three 50-year-old HDB blocks at 81 to 83 Macpherson Lane, consisting of 313 flats, were identified. The government will take over the sites and a package that includes payment and rehousing incentives will be provided to SERS tenants as well as the ability to move to a new home on a new 99-year lease.
Credit: URA
HDB will develop replacement flats along Circuit Road at a new site. The project will consist of three 17-to 19-story blocks and 630 flats house, ranging from Flexi two-room to five-room flats. The plan will include new shops, cafes, senior care and active ageing facility, and a centre for child care. It is expected to be completed by 2Q2023.
An impression of the new project at Circuit Road
There will also be 27 shops and two eating houses in the SERS plan. Compensation will be given to owners of these commercial properties at the time of the SERS announcement based on the market value of their units. They have the choice of purchasing a new unit on a 30-year lease, renting a new unit or choosing not to purchase a new unit and receiving an ex-gratia payment at 10 per cent of the existing unit’s market value.
The location of the replacements flats along Circuit Road
For all SERS flat owners and commercial property owners, HDB will hold a SERS exhibition from June 2 to 4.
The SERS blocks are located approximately 700 m to the site of the Mattar Road Government Land Sale (GLS) awarded to a consortium of three listed construction and property companies, namely Hock Lian Seng Holdings, Keong Hong Holdings and TA Corp. They submitted the $223 million winning bid for the 67,061 sq ft ($1,109 psf per plot ratio). The breakeven is projected to be around $1,600 psf ppr based on the bid price, with selling prices ranging from $1,750 to $1,800 psf.