Change in HDB's minimum occupation period rule for Sers replacement flats
Buyers of replacement Housing Board flats under the Selective En bloc Redevelopment Scheme (Sers) will now be able to sell their units only five years from the date of collecting the keys, starting with the Ang Mo Kio Sers site.
Previously, they could sell either seven years from the date of selection of the flat or five years from the date of collection. That meant some owners were able to sell their units before they had lived in it for five years.
According to HDB's website, the new criteria will kick in for Sers sites announced on or after April 7, the date that four Ang Mo Kio HDB blocks were picked for the scheme.
The change in minimum occupation period (MOP) criteria means that owners of Sers replacement flats are subject to the same five-year MOP as those who buy a flat from HDB and the resale market.
MOP is the period that owners are required to live in their flats before they can sell on the open market.
The revised MOP comes after a five-room replacement flat - for a Redhill Close Sers project in 2011 - at Block 96A Henderson Road sold for an all-time record of $1.4 million last month.
It had 96 years and one month left on its 99-year lease.