Nine HDB blocks to be acquired under SERS as part of Woodlands Checkpoint redevelopment
/ EdgeProp Singapore |
Nine HDB blocks located at Marsiling Crescent and Marsiling Lane will be acquired under the Selective En bloc Redevelopment Scheme (SERS) as part of the redevelopment and expansion of the Woodlands Checkpoint (Photo: Samuel Isaac Chua/The Edge Singapore)
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SINGAPORE (EDGEPROP) - Nine HDB blocks located at Marsiling Crescent and Marsiling Lane will be acquired under the Selective En bloc Redevelopment Scheme (SERS) as part of the redevelopment and expansion of the Woodlands Checkpoint. The redevelopment, first announced in 2017, will see an extension of the checkpoint built at the Old Woodlands Town Centre (OWTC).
In a joint media release by the Immigration and Checkpoints Authority (ICA), the Housing Development Board (HDB) and the Singapore Land Authority (SLA) on May 26, the agencies state that the expansion will future-proof Woodlands Checkpoint against increased traffic volume, which is anticipated to reach a daily average of around 400,000 by 2050. “If the overall clearance capacity is not increased, the travel time for vehicular traffic could increase by more than 60–70% during peak periods by 2050,” the press release adds.
The blocks that will be acquired under SERS are located at 210 to 218 Marsiling Crescent/Lane. Units impacted comprise 732 sold flats, 53 rental flats, one rental kiosk, six rental shops and one rental eating house.
The acquisition and subsequent redevelopment and extension of Woodlands Checkpoint will be carried out progressively. As part of the redevelopment, Bukit Timah Expressway will be extended and enhanced to channel traffic directly to and from the OWTC extension.
Owners of the sold flats will be offered rehousing benefits under SERS, which include compensation based on the market value of their flat as at the date of the acquisition, and the option to purchase a new flat with a fresh 99-year lease at subsidised prices. To help defray the expenses incurred in the move, HDB will also provide flat owners with a removal allowance, as well as the stamp and legal fees for the purchase of a comparable replacement flat.
Replacement flats will be built by HDB at Woodlands Street 13, at a site that is about a 10-minute walk to Marsiling MRT Station on the North-South Line. Comprising a total of around 1,100 units, construction is expected to commence in 3Q2023 and is estimated to be completed in 4Q2027.
Artist's impression of the new replacement flats located at Woodlands Street 13 (Picture: HDB)
Eligible flat owners may receive a SERS grant of up to $30,000 and take out a housing loan from HDB for the purchase of their new flat. They can also select replacement flats together with their neighbours or relatives, to live near one another. (Find HDB flats for rent or sale with our Singapore HDB directory)
The acquisition presents a good opportunity for impacted flat owners to move to a new home with a fresh 99-year lease, says Lee Sze Teck, senior director (research) at Huttons Asia. Noting that the flats at Marsiling Crescent/Lane were completed around 1980 to 1982, this would mean the blocks are around 40 years old. “The location of the replacement flats is much nearer to a MRT station, improving the accessibility for residents,” he adds.
Lee estimates that prices for the replacement flats could potentially start from $160,000 for three-room flats, from $260,000 for four-room flats, and from $345,000 for five-room flats. In the past, Marsiling Grove, which is adjacent to the affected blocks, launched in May 2017 with prices from $73,000 for two-room flexi flats, from $145,000 for three-room flats, from $236,000 for four-room flats, from $312,000 for five-room flats and from $320,000 for 3Gen flats.
Christine Sun, senior vice president of research & analytics at OrangeTee & Tie, believes that most of the flat owners will take up the offer of the rehousing benefits. She notes that units at the replacement site at Woodlands Street 13 will likely enjoy higher future resale prices compared to the current site. "If we examine the resale price for flats in Marsiling Crescent, which is the current site for the affected blocks, the median resale price in the first four months of this year for four-room flats is $378,000 while three-room flats are $335,000," she remarks. In comparison, the new site will likely see resale prices closer to the overall median in Woodlands which are higher at $448,000 for four-room flats and $340,000 for three-room flats, Sun adds.
Meanwhile, eligible rental flat tenants impacted by the acquisition will also be given rehousing benefits, and eligible tenants of the rental shops, kiosk and eating house will be given clearance benefits which HDB states will be in line with past rehousing and clearance exercises.
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