Will SERS still happen and is it worth waiting. . . or perhaps you should start considering selling before the pool of buyer becomes limited as the lease shortens..
Reference quotes from this article by edgeprop https://www.edgeprop.sg/property-news/will-your-hdb-flat-be-put-sers
” What is the likelihood that your flat will be earmarked for SERS?
In 2017, then-Minister for National Development, Lawrence Wong said that not all old HDB flats will be eligible for SERS.
Writing in a blog post dated March 24, 2017, Wong cautioned that under the government’s criteria, only 4% of HDB flats were identified for SERS since the scheme was launched in 1995. “
” What happens if my flat is not being selected for SERS?
Buying a very old flat may not necessarily guarantee a windfall for the homeowner. “There are instances where homeowners are worse off when they buy a SERS flat,” says Lee of NUS. “This is due to the potential levy or seller stamp duty (SSD) that has to be paid to the government should SERS take place within the time period. This is not commonly seen, and it’s very unlucky for the homeowners, but such incidents do happen.”
Speculating whether a particular block of flats in an older precinct will be up for SERS is also “dangerous”, notes Lee. For instance, people look at the Redhill and Commonwealth areas where many HDB blocks have already been through SERS, and may think that the remaining old HDB blocks could be due for SERS too. “Yet for the longest time, these flats are not up for SERS yet. Eventually, you are faced with the issue of an expiring lease and certain structural flaws that come with older flats,” he says.
Instead, NUS’s Lee advises homebuyers to buy something for their own use. “Now is not the best time to seek SERS flats,” he says. “It is better to seek something for home occupation in terms of size, future family planning, proximity to schools and so on,” he says. “Having SERS should be seen as a surprise gift, and only if it ever happens.” “
Mabel Yap 