Serious HDB Slavery - Not even near 99 Years Demolished for Redevelopment

[eatshitndie]

So tat y Singkieland betterer....HDB by doing enbloc benefits singkies...it eliminates the age old question of lease ending etc.

enbloc is sexpensive to both gov and sinkies. not all hdb blocks can afford to go thru’ sers enbloc. may be all will get sars 2 first before sers.

 

[Hypocrite-The]

enbloc is sexpensive to both gov and sinkies. not all hdb blocks can afford to go thru’ sers enbloc. may be all will get sars 2 first before sers.

Not really if it's planned properly and the alternative of just letting the lease expire is more sexpensive

 

[Boliao]

SERS does not mean you will get a new flat with a 99 year lease FOC. You will be compensated based on HDB determined market value (not valuation nor COV) and your unit is then "sold" back to HDB. You then have to refinance your new unit like a standard purchase from HDB.

If you sell on the open market, you will get more but you will also pay more for a resale unit. If you sell to HDB, you get way less but you also get to buy from HDB at discounted rate; although I am not sure if you'll be offered 1st timer price.

 

[sweetiepie]

My uncle think mostlee of the selected block already paid up the flat long long ago except those bought leesale at higher price and still paying. But those are mostlee younger generation and leefiniancing should not be major issue.

 

[Papsmearer]

You cash out your old flat at above market value offer from Gorment then +30k
Compensation.

Then you get to buy new flat no need queue or wait at subsidised value ie same price as everyone who buy new hdb.

New 99 lease and the value will be at current high market value if u decide to sell later still comprain…. ?

It’s like your strawberry kids will get new flat wor ?

You cash out they continue pay lease via their cpf in future. What else you want PAP to do for you ? Lol…..

What kind of fucktard calculation is this? You brainless shit.

1) Cash out flat for over market value offer from the govt? U stupid or what? This cheapskate govt determines what is over market value. When the time comes you better believe their alleged over market value is no big deal. And you have no choice but to accept. There is no mechanism for you to hire your own appraiser to challenge the govt valuation. And the $30K is nothing. It will barely pay for moving expenses and renos in the new flat.

2) You don't need to wait for new flat, but the flat that you get, it will suit less then 10% of the people. People looking for same size flat as the old one they gave up, good luck to you. You can get the same size, but need to top up more money from CPF because you don't accept the govt offer of the replacement flat. You want a flat that is not assigned to you by the govt, you pay more lah. This is good meh?

3) Top up 99 year lease is like going to be a slave for 99 years. Why have to be tied down for 99 years when their old flats already paid off and they are living mortgage and rent free in there? Now have to dip into the CPF for a new flat you never asked for in the first place. This is good deal meh? U really are a shit for brains.

 

[Hypocrite-The]

You cash out your old flat at above market value offer from Gorment then +30k
Compensation.

Then you get to buy new flat no need queue or wait at subsidised value ie same price as everyone who buy new hdb.

New 99 lease and the value will be at current high market value if u decide to sell later still comprain…. ?

It’s like your strawberry kids will get new flat wor ?

You cash out they continue pay lease via their cpf in future. What else you want PAP to do for you ? Lol…..

That is why I find it funny that ppl will actually be against enbloc

 

[Papsmearer]

SERS does not mean you will get a new flat with a 99 year lease FOC. You will be compensated based on HDB determined market value (not valuation nor COV) and your unit is then "sold" back to HDB. You then have to refinance your new unit like a standard purchase from HDB.

If you sell on the open market, you will get more but you will also pay more for a resale unit. If you sell to HDB, you get way less but you also get to buy from HDB at discounted rate; although I am not sure if you'll be offered 1st timer price.

The discounted rate is no real discount. When you look at these residents, most already paid off their HDB loans. How many will actually have extra cash in their pockets? In order for SERS to work for them, they must come out ahead of the game. In other words, the money they get from HDB for their old flat, (over market valuation plus $30K) must be able to buy the new flat cash no loans, plus have extra in your pocket. How many of these residents will get this scenario? NON?

 

[Papsmearer]

That is why I find it funny that ppl will actually be against enbloc

That is because you don't understand it. Enbloc is NOT the same as SERS.

 

[Hypocrite-The]

The discounted rate is no real discount. When you look at these residents, most already paid off their HDB loans. How many will actually have extra cash in their pockets? In order for SERS to work for them, they must come out ahead of the game. In other words, the money they get from HDB for their old flat, (over market valuation plus $30K) must be able to buy the new flat cash no loans, plus have extra in your pocket. How many of these residents will get this scenario? NON?

If its is soo bad...why than do soo many clamour for it?

 

[Papsmearer]

Is SER truly a windfall? You still need to pay some cash and renovation cost for relocating right? and not all assigned new location is ideal due to lack of proper facilities like transport, market, hawker center...etc even though is a "matured" town.

SERS is not a windfall. The devil is in the details and the valuation.

 

[Hypocrite-The]

https://www.singsaver.com.sg/blog/hdb-en-bloc-sers-singapore

 

[Papsmearer]

If its is soo bad...why than do soo many clamour for it?

Because like many things in singapore, these fucktards don't understand it at all.

 

[Papsmearer]

enbloc is sexpensive to both gov and sinkies. not all hdb blocks can afford to go thru’ sers enbloc. may be all will get sars 2 first before sers.

Talk cock lah. Enbloc is not expensive to govt. Its only expensive to sinkie lemmings. Alot of these old blocks like this example was build in 1979. Back in those days, the HDB sold the flat to you at cost. So many of the original buyers paid $30k to $50K for their flats. The HDB made no money from them. Lee and Lee made the conveyancing fees which is more then what the HDB made. Now with Enbloc, the govt move them to a $500-$700K flat that has a lot of profit margin for them, and then make them sign a new 99 year lease and then drain their CPF to pay for this over priced shit. The govt laughing all the way to the bank.

 

[Hypocrite-The]

Talk cock lah. Enbloc is not expensive to govt. Its only expensive to sinkie lemmings. Alot of these old blocks like this example was build in 1979. Back in those days, the HDB sold the flat to you at cost. So many of the original buyers paid $30k to $50K for their flats. The HDB made no money from them. Lee and Lee made the conveyancing fees which is more then what the HDB made. Now with Enbloc, the govt move them to a $500-$700K flat that has a lot of profit margin for them, and then make them sign a new 99 year lease and then drain their CPF to pay for this over priced shit. The govt laughing all the way to the bank.

If that the case..all hdb will enbloc forever

 

[Papsmearer]

'We'll see how it goes': Sentiments split among residents of Ang Mo Kio blocks picked for SERS​

Blocks 562 to 565 in Ang Mo Kio Avenue 3 have been picked for the Selective En bloc Redevelopment Scheme (SERS). (Photo: CNA/Cheryl Lin)

SINGAPORE: News about the redevelopment of four public housing blocks in Ang Mo Kio has been met with mixed sentiments among residents whom CNA spoke to.
The Housing & Development Board (HDB) said on Thursday (Apr 7) that Blocks 562 to 565 in Ang Mo Kio Avenue 3 will undergo the Selective En bloc Redevelopment Scheme (SERS) – the first such project since May 2018.
More than 600 households will have to move out, but they will be offered new replacement units at a site about 1km away, at Ang Mo Kio Drive.
For some residents who have been living there since the flats were completed in 1979, having to clear out is a bitter pill to swallow.
This was the case for 68-year-old Mdm Lim, whose family lives in a space equivalent to a five-room flat, after having combined two adjoining three-room units.
“I don’t want to move because I’ve spent so long here. I have a lot of friends here, and the air is good,” said Mdm Lim, who lives on a high floor.
In addition, the replacement flats – which range from two-room flexi to four-room units – will be smaller than her present one.
“We’ll see how it goes and if we can maybe get two units … We haven’t seen the layouts for the new units yet, but we’ll decide from there,” added Mdm Lim.
Ms Irene Ng, 52, who has lived in her current three-room flat since she was nine years old, echoed her sentiments.
“We’ve been staying here for almost 43 years, and my sister lives right next door to me.
“(The replacement site) is still nearby but I feel here is more convenient. Here got buses, all these, you can go to Bishan or anywhere easily.”
At the base of Block 565 is Kids’ Star Child Development Centre, which will also have to eventually clear out.
But unlike the blocks’ residents, its owner Ms Jessica Soh is not so certain if her centre will have a place to go.
“We’ve been here for such a long time. We’ll be writing to (authorities) to ask for a replacement or alternative site, so we can continue to serve the community here.”
“I hope they will also have a void deck childcare centre for us (at the new site),” said Ms Soh, whose centre has been around since 1985. It currently cares for more than 50 children.
For one resident, Mdm Govindasomathy, who renovated her flat five years ago, the news was bittersweet.
“The building (has been around for) so long already, so the Government (doing this) is good,” said the 42-year-old.
“But my house, all I changed already, the cabinet, the floors … I’m a little bit sad.”

GETTING A FRESH START​

But for others, such as 46-year-old Mr Lee, the SERS announcement was a delight.
“This place is so old already, so (now we) can move to a new place and start all over again,” said Mr Lee, who has lived in his current three-room flat for about 20 years.
He added that his family will probably take up a replacement flat.
“My parents, they’re used to this area so likely we’ll stay here.”

Related:​

According to HDB, construction for replacement flats will start in the third quarter of 2023, and is estimated to be completed by the third quarter of 2027.
The new replacement flats will come with “better design and fittings, located within a precinct with modern and comprehensive facilities”, it added.
They will also come with a fresh 99-year lease, and eligible flat owners may get a SERS grant of up to S$30,000.
Another resident, Mrs Lau, said: “I’m happy because we were already planning to move to a bigger unit. We’re a family of five so this (three-room flat) is quite small.”
As a family, they have also tried and failed three times to get a new, larger Build-to-Order flat.
Though they have not decided if they will move somewhere else or take up a replacement flat, having the latter as an option is welcomed, she said.
HDB noted that for owners who do not want to take up a replacement flat, they can choose to sell their SERS flats with the rehousing benefits on the open market.
“With the sales proceeds, which will include a premium for the rehousing benefits, they can buy a resale flat in their preferred location.”

I can tell you all one thing about all these prostitute press story. They promote the SERS, and interview people who are semi happy they will be getting alleged extra money even though they don't know how much. But of all the SERS done to date, the prostitute press has never once interviewed the people who have moved into the new flats and ask them if they are better off fiscally or not. You never hear the interview with Tan Ah Kow about how the Govt gave him over market value for his flat, plus $30K, plus $10K moving expenses, etc. and then with all this money he got, he used it to pay cash for the new flat the govt moved him too, and then still pocket $150k profit. Got any such stories or not? Anyone know of any friends or relatives got this happy ending, let PAPsmearer know. If this happy ending scenario does not happen, then what is the benefit of SERS to the suckers who gave up their flats?

 

[nirvarq]

Type of sale	SERS
What's the compensation like?	Above market value of flat + rehousing grant (up to $30,000)
What about your new home?	New replacement flats offered at subsidized prices

 

[Papsmearer]

If that the case..all hdb will enbloc forever

The only reason why HDB has not done more SERS is because they are already making money hand over fist building new estates in Tengah, Bidadari, Paya Lebar etc. These are straight forward dealings where people just hand them money for flats. SERS will definitely be more common as the years go on

 

[nirvarq]

I can tell you all one thing about all these prostitute press story. They promote the SERS, and interview people who are semi happy they will be getting alleged extra money even though they don't know how much. But of all the SERS done to date, the prostitute press has never once interviewed the people who have moved into the new flats and ask them if they are better off fiscally or not. You never hear the interview with Tan Ah Kow about how the Govt gave him over market value for his flat, plus $30K, plus $10K moving expenses, etc. and then with all this money he got, he used it to pay cash for the new flat the govt moved him too, and then still pocket $150k profit. Got any such stories or not? Anyone know of any friends or relatives got this happy ending, let PAPsmearer know. If this happy ending scenario does not happen, then what is the benefit of SERS to the suckers who gave up their flats?

I have a relative SERS-ed and HDB offered the flat at Clementi also (nearby) , on top of the new shopping center 4 room at 300+ k only ie even lower that if you normally buy from HDB.

 

[Papsmearer]

Type of sale	SERS
What's the compensation like?	Above market value of flat + rehousing grant (up to $30,000)
What about your new home?	New replacement flats offered at subsidized prices

WHo determines market value? An independent property appraiser? No. The govt. Who determines whether the replacement flat is at a subsidized price? The govt? Herein lies your problem.

 

[nirvarq]

WHo determines market value? An independent property appraiser? No. The govt. Who determines whether the replacement flat is at a subsidized price? The govt? Herein lies your problem.

There's a standard market value everyone follows and yes by HDB but all use it. Same same.