Some 20 shopowners in a Selective En bloc Redevelopment Scheme (SERS) are unhappy with the compensation offered by the Housing and Development Board to move to new premises.
HDB has now extended the deadline for the shopowners in Bukit Merah View to accept replacement units. The affected shops are at Block 113 and 114 Bukit Merah View.
HDB had offered them between S$486,000 and S$780,000 in compensation. But shopowners said it is not enough.
They said replacement shops offered are one third the size of existing ones, and only have a 30-year lease, compared to their current remaining 60-year lease.
However, HDB said the price is based on market value. It added that the 30-year lease was meant to ease the financial burden on lessees.
It added that the new shops beside the Tiong Bahru MRT station would attract more crowds.
HDB will also request for an independent licensed valuer to review its valuations.
Meanwhile, shopowners will have an extra month to indicate if they would like to take up the replacement shops. So far, only 7 out of 31 owners have agreed to take up the new premises.
Tanjong Pagar MP Indranee Rajah said she hopes for a win-win situation between HDB and the Bukit Merah View residents.
Source: Channel News Asia, 8 Jul 2010