THE Housing and Development Board (HDB) says it has identified Blocks 513 to 520 West Coast Road for the selective en bloc redevelopment scheme (SERS).
It is the 80th site to benefit from SERS since the introduction of the scheme in 1995. The site comprises 994 sold flats that are about 37 years old.
Under the scheme, residents of these blocks can move to new flats on fresh 99-year leases, sited in a location served by a comprehensive range of facilities. Recent executive condo launches include Treasure Crest and Northwave EC while existing ones include The Terrace EC, Brownstone, The Visionaire, Parc Life , Waterwoods EC, Signature at Yishun, Skypark Residences, Wandervale EC, The Vales EC, The Criterion EC, The Amore EC, Bellewaters EC, Bellewoods EC.
HDB will build new flats – ranging from two-room Flexi to Three-Generation (3Gen) flats – at two sites at Clementi Avenue 1 and West Coast Link, as replacement flats for the residents. These new flats are estimated to be completed in the third quarter of 2022.
The replacement flats are located near amenities such as the Clementi MRT Station and Bus Interchange.
The SERS plan will also involve two sold shops and an eating house at Block 516, as well as 12 sold shops at Block 517.
The owners of these commercial properties will be given compensation based on the market value of their units at the time of the SERS announcement. They may opt to buy a new unit on a 30-year lease or rent the new unit.
The selling prices of the new units will be fixed at market value as at the time of the SERS announcement, while the rents will be based on the prevailing market rents at the time of letting. Those who choose not to take up a new unit will receive an ex-gratia payment pegged at 10 per cent of the market value of the existing unit.
HDB said it will inform all SERS flat owners and commercial property owners individually of these plans, adding that they will also be invited to a SERS exhibition to be held from Aug 6-11 (closed on Aug 9).