Thomson residents will get compensation for NSE works

Residents in the Thomson area whose property will be affected by the 5.6 km North-South Expressway (NSE) will receive more assistance, according to a report in The Straits Times.

Law Minister K. Shanmugam said affected residents will receive 40 percent of the compensation amount upfront to help them buy new property. The remainder will be given when the residents hand over their title deeds to the government.

He added that residents will also be exempted from the current 60 percent loan-to-value (LTV) requirement if they plan to take a bank loan for the replacement property.

Meanwhile, property analysts said residents at Rochor Centre will also receive a good compensation deal.

The HDB recently announced that it will be acquiring the flats in Rochor Centre to accommodate the construction of the new highway. It assured residents that they will be allocated replacement flats at subsidised prices in Kallang.

If they accept the offer, the analysts said they will be trading their 34-year-old flats for new ones, each with a fresh lease of 99 years.

Source : PropertyGuru – 23 Nov 2011

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