Serious Greedy Sinkies Still Not Satisfied Despite HDB Giving Higher than Estimated Compensation for AMK SERS!

[Pinkieslut]

Ang Mo Kio Sers: Despite higher-than-estimated compensation, residents call for more transparency in how HDB derived sums​

TODAY file photo
The Ang Mo Kio Avenue 3 estate where four Housing and Development Board blocks had been identified for redevelopment under the Selective En bloc Redevelopment Scheme (Sers).
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• HDB said on Wednesday (Nov 9) that residents of Ang Mo Kio HDB flats selected for the Selective En Bloc Redevelopment Scheme would receive higher compensation than earlier estimates
• However, some residents told TODAY that they are not satisfied with the amount
• They also said that there should be greater transparency in how the compensation amounts were derived
• This is because the compensation figures differed across units of similar size and floor level
• In response, HDB said that the compensation amounts are different as the flats have different attributes

BY

CHARLENE GOH​

Published November 10, 2022
Updated November 11, 2022
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SINGAPORE — Some residents of Housing and Development Board (HDB) blocks in Ang Mo Kio selected for the Selective En Bloc Redevelopment Scheme (Sers) are seeking greater transparency over compensation payment levels even after being told their payout will be higher than first estimated.
Several residents told TODAY on Thursday (Nov 10) that they would like to see the details of how the compensation and flat valuation figures were derived because they are aware that some payout figures differ even though the flats involved are the same size and on the same floor.

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In response to TODAY's queries, HDB reiterated on Thursday that under Sers, flat owners are compensated based on their flats' prevailing market values that are assessed by a professional private valuer using established valuation principles.
On Wednesday, HDB announced that residents of Blocks 562 to 565 at Ang Mo Kio Avenue 3 would be getting 7.5 per cent more compensation after being selected for Sers than estimates previously given to them by the authorities.
Officers went door-to-door on the same day to deliver compensation notices to residents affected by Sers living in the four affected blocks.

READ ALSO​

Ang Mo Kio Sers: Homeowners to get compensation of about 7.5% more than previously estimated​

According to residents, this notice includes the valuation of their flat, the amount of “reasonable expenses” they would receive and other details such as the estimated subsidised price of the replacement flats located at Ang Mo Kio Drive.
The “reasonable expenses” comprises a removal allowance of S$10,000 to defray their relocation cost, as well as the payment of stamp and legal fees for the purchase of a replacement unit that is equivalent in value to their Sers flat.

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However, only one of the 10 residents interviewed by TODAY expressed satisfaction with the amount of compensation while others said that the amount is not enough to offset the cost of moving to a new flat.
Ms Karen Nui, 50, has been living in her four-room flat for over 17 years, said that she is satisfied with the S$460,000 sum offered.
Ms Nui, who works in the logistics sector, had expected around S$450,000 for her four-room flat.
However, she is worried about the timing of the move to the replacement flat at Ang Mo Kio Drive in five years' time, as she would be 55 by then.

READ ALSO​

Ang Mo Kio Sers: Some owners upset with topping up money for similar-sized replacement flats, HDB exploring 'options'​

This would mean that savings in her Central Provident Fund will be transferred to her Retirement Account and she would not be able to use the money to pay for the new house.

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Ms Kiddy Lee, 56, who works in the food and beverage industry, had expected a higher amount than the S$347,000 she was offered for her three-room flat.
She added that the reasonable expenses offered by HDB are not enough to offset the renovation costs, which she estimates could cost up to S$70,000.
Another issue raised by residents was the difference in compensation levels among the affected units.
According to an HDB press release on Wednesday, one of the factors determining the level of compensation is the condition of the flats. Residents may receive higher compensation if their flat is well renovated and well maintained and therefore would command a higher value.
Older flats with shorter remaining lease would also have a lower valuation than flats with a longer remaining lease.

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READ ALSO​

4 HDB blocks at Ang Mo Kio Ave 3 selected for Sers; first such en bloc since 2018​

HDB had also announced earlier in April that flat owners will be compensated based on the market value of their flat as assessed by a professional private valuer appointed by the board.
However, residents told TODAY they would like greater transparency in how these figures were derived.
Mr Goh Chye Hock, 61, who works part-time as a food delivery rider said that the latest compensation notice stated that he was estimated to receive about S$353,000 for his three-room flat on the 12th floor.
However, he said that some units which are on the same level in other blocks have been assigned a higher value of around S$380,000.
“I don’t know how HDB calculates the numbers, it’s not fair,” he said in Mandarin.

“
I don’t know how HDB calculates the numbers, it’s not fair.
Affected Ang Mo Kio resident Goh Chye Hock, 61
”

The sentiment was echoed by 40-year-old analyst Rachel Chua: “There’s no transparency in these valuation figures. Everybody has a different valuation.”
She added that she is attempting to seek clarification from HDB on how the figures are derived, as well as the breakdown for these figures.
Similarly, Mrs Teo, who declined to provide her full name, said that she wanted to know how the valuers had arrived at this amount — whether it was because of factors such as an unblocked view or whether the condition of certain flats was not good. She is in her 50s and works in the financial sector.
Several residents also said that the potential value of the land should be factored into the valuation.

“
The compensation amounts are different, as the flats have different attributes.
Housing and Development Board
”

WHAT HDB AND ANALYSTS SAY ABOUT VALUATION OF FLATS​

In response to TODAY's queries, HDB said on Thursday that the prevailing market value of a Sers flat is based on the transacted prices of similar resale flats.
"Adjustments are made to account for the differences in the individual flat attributes, such as the location, floor level, orientation, age, floor area, extent of renovation and the market conditions," HDB added.
"The compensation amounts are different, as the flats have different attributes."
The board's appointed private valuer is SRE Global, which is licensed by the Inland Authority of Singapore and is a member of the Singapore Institute of Surveyors and Valuers.
"The valuers conduct their valuations according to established principles and market practices," HDB added.
Analysts told TODAY that myriad factors go into determining the valuation of a flat.
Mr Nicholas Mak, head of research and consultancy at ERA Realty Network said that this includes the location, size and height of the flat, its orientation — if it is facing the afternoon sun and the amount of traffic noise.
He added: “Property valuation is partly an art and partly a science. There is a science behind it but there’s also a human factor that goes into it because it is an educated assessment of a real estate professional valuer.
"So if you put three different human valuers to value the same property independently, you can come up with three different values.”
Mr Lee Sze Teck, Huttons Asia's senior director for research, agreed with the factors Mr Mak mentioned.
He said that other factors could include the current market conditions and internal condition of the flat.
However, it is not feasible to provide a detailed breakdown for the valuation cost, Mr Lee said.
This is because valuers may not know how much the different items in the flat costs.
He added: “We do take into account all the different conditions and then adjustments are made to account for that condition itself. Then it is derived as an eventual valuation price.”
On the point raised by residents about factoring in the potential value of the land, Mr Mak and Mr Lee said that it was not possible to do so.
Mr Mak said: “They cannot demand that as HDB owns the land. When they buy an HDB flat, they are buying a lease for the flat…That means that HDB is selling you the lease to use that flat…The owner of that HDB flat does not own the land.”
TODAY has reached out to Ms Nadia Ahmad Samdin, the Member of Parliament for the area for comment.

 

[SBFNews]

Desmond must be fucked very badly by Loong and Lawrence over this fucking enbloc mess he created for PAP

 

[Loofydralb]

Desmond must be fucked very badly by Loong and Lawrence over this fucking enbloc mess he created for PAP

PAP easily lost a whole precinct here.
So to avoid that, PAP will demand they vacate before next GE.

 

[birdie69]

PAP easily lost a whole precinct here.
So to avoid that, PAP will demand they vacate before next GE.

Indranee would reply to these AMK residents that it is meaningless to disclose the costing details,, as long as the government price the new flat affordable, so the AMK residents should keep quiet and not complain

 

[tobelightlight]

The PAP newspaper is trying to mind program the sinkies again. Read carefully, the amk sers DO NOT want to sell it.

Using newspaper to program the people into selling it does not work this time. People are waking up to manipulation.

 

[laksaboy]

If there is one thing the PAP kleptocratic regime excels at, it is to take more money that what it gives out. Much more money.

Of course, the not-for-profit propagandists of the Shitty Times and elsewhere always exaggerate this 'benevolent act of generosity'.

 

[batman1]

PAP WILL ONLY LISTEN TO U DURING GE TIME.

 

[shiokalingam]

https://www.theonlinecitizen.com/20...ally-profits-from-500m-land-sales-in-amk-bto/


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Indeed, commenting on his Facebook page, former GIC economist Yeoh Lam Keong who used to work for the government for 26 years, criticised Mr Lee for using a rather disingenuous and misleading analysis of the supposed S$270 million loss made by HDB and by inference the government in developing the AMK BTO flats at Central Weave (‘Former GIC chief economist ridicule clarification of supposed S$270 million loss by HDB on BTO project as “disingenuous and misleading”‘, 4 Oct 2022).

Mr Yeoh said that the accounting sleight of hand being that the government acquired most of the land at minimal or much lower cost through compulsory acquisition. He argued that the true cost price should be the original book value of the land plus construction costs which on average is probably much lower than BTO prices before subsidy. “The true cost to the government after subsidies will then be much clearer,” he said.

Mr Yeoh further noted that Singaporeans have been channeling a significant part of their disposable incomes to pay off HDB flat, leaving insufficient savings for retirement, medical expenses and education upgrading. In other words, a large part of Singaporean disposable incomes every month have indirectly gone to help build up Singapore’s reserves.


/

Govt Acquires Land At Very Low Price Via Land Acquisition Act​

Although we do not know how much the government paid for the acquired land at Central Weave in AMK, we do know how much it paid for the land at Bishan through compulsory acquisition.

We know this from an article written by Mr Lim Chin Joo who was the lawyer acting on behalf of the Kwong Wai Siew Peck San Theng temple, which owned the cemetery land at Bishan before it was acquired and developed by HDB (‘Land acquisition – for the sake of nation building‘, 3 Dec 2010). The article first appeared in Lianhe Zaobao before it was translated and published in the Straits Times. Incidentally, Mr Lim is the brother of the late Lim Chin Siong, the famous trade unionist and politician in Singapore in the 50s and 60s.

Mr Lim was invited to the 140th anniversary celebration of the temple in 2010 and thereafter he wrote the article recounting his experience dealing with then the National Development Minister Teh Cheang Wan over the compulsory acquisition of the temple’s land in Bishan in the 70s.

He recalled that the government was determined to acquire the temple’s land in the 70s to develop public housing. The land acquisition gazette notification finally came in the late 70s. Understandably, the clansmen were saddened by the news and appointed Mr Lim as their legal adviser.

“The compensation granted under the law is, in theory, based on the market value of the land. However, who has heard of cemeteries having a market value? Regardless of its potential land use, a cemetery can be valued only as a cemetery,” Mr Lim wrote.

After much negotiations, the government was only willing to pay a paltry S$5 million for the 131ha land owned by the temple. “As expected, the compensation did not amount to much. It came to less than $5 million for the 131ha of land – or 30 cents per square foot after appeal. The HDB was responsible for the cleanup, including exhuming the graves and cremating the remains,” Mr Lim explained.

“The clansmen were more concerned about conserving the ancestral temple, which was more than a century old, and handling the cremated remains. These emotional issues sparked heated arguments. It was decided that the PST (temple) would try to keep the temple, and request the Government to allot it land around the temple to build a crematorium and columbarium.”

“On behalf of the PST, I wrote to the HDB and the permanent secretary of the Ministry of National Development on two occasions. The replies left no room for negotiations. We were told the decision to acquire the cemetery had come from the top.”

After appealing to then National Development Minister Teh Cheang Wan and more talks with HDB, HDB agreed to let the temple remain where it was, and allot surrounding land to restore it and construct a columbarium. Request for the crematorium was rejected. Finally, the clansmen at the temple had to accept whatever terms the government demanded.

“After due consideration, the clansmen accepted the acquisition for the sake of nation building. Bishan estate was the result. It was a decision that benefited Singapore,” said Mr Lim.

Clearly, the clansmen sacrificed the land their forefathers had built upon for the sake of nation building and public good. Whatever the case, the government has acquired the Bishan land on the cheap at 30 cents per square foot, but sold at a much higher price to Bishan residents later.

The profits made from the government land sales — such as that in the case of Central Weave @ AMK for S$500 million — supposedly goes to the reserves.

 

[shiokalingam]

 

[LexLuthor]

A 4-room unit in AMK should be worth more than $460,000.

 

[Splendicker]

Whole idea is to keep you not to rich you.

 

[rodent2005]

There will only be a market price if there is a willing buyer and seller.

If the HDB owner does not want to sell, then it is not right to take the market price of another transaction and force the HDB owner to sell to you at the price.

 

[A Singaporean]

Poor Sinkies are just too much. Don't they know gahmen needs to spend money on foreigners to make them feel welcome. So Sinkies please fuck off.

 

[rushifa666]

This is why pinkieslut is blocked, no one asked to be evicted. A fucktard. Fuck your money

 

[borom]

Only when a new party is elected to government can the whole thing be revealed , and Ang Mo Kio residents do not have my sympathy as they have chosen to elect LHL over and over