All HDB flat owners at Rochor Centre will be compensated for their existing flats based on the prevailing market values as at the date of announcement of the acquisition, which is 15 November 2011.
This is regardless of whether they decide to take up the new replacement flats in Kallang.
National Development Minister Khaw Boon Wan said this in a written parliamentary reply on Monday, in response to a question from Non-Constituency MP Gerald Giam Yean Song.
Mr Giam wanted to know what the compensation is for residents of the flats in the Rochor area affected by the upcoming land acquisition will receive if they choose not to relocate to the new flats in Kallang.
Mr Khaw said the market value will be assessed by a qualified and professional private valuer licensed by the Inland Revenue Authority of Singapore after a thorough physical inspection of each flat.
On top of the market compensation, all the flat owners will be paid reasonable expenses.
These comprise a removal allowance, as well as stamp and conveyancing fees to buy a comparable replacement flat.
They’re also given a relocation package, similar to those offered under the Selective En bloc Redevelopment Scheme (SERS).
They’ll be assured of a new replacement HDB flat in the vicinity of Kallang MRT Station, which they can purchase at subsidised prices frozen as at 15 November 2011.
They’ll further enjoy a 20 per cent price discount (up to S$30,000) if eligible.
Mr Khaw said if they choose not to relocate to the new flats in Kallang, they may apply for a new flat elsewhere under HDB’s public sales exercises and enjoy the same relocation benefits, including the price discount.
Alternatively, they may choose to sell their existing flat with the relocation package in the resale market, which will typically fetch a premium above the compensation.
Mr Khaw said with the sale proceeds, they may then find alternative accommodation on their own.
Source : Channel NewsAsia – 9 Jan 2012