Update: Three HUDC estates in Hougang, Potong Pasir designated for privatisation
8 views
Skip to first unread message
Benson Leow
Jul 31, 2010, 1:35:20 AM7/31/10
to Singapore Realtor
Title : Three HUDC estates in Hougang, Potong Pasir designated
for privatisation
By :
Date : 30 July 2010 1542 hrs (SST)
URL : http://www.channelnewsasia.com/stories/singaporelocalnews/view/1072397/1/.html
SINGAPORE : The government has identified three HUDC estates for
privatisation.
The estates are located at Hougang North Neighbourhood 3, Hougang
North Neighbourhood 7, and Potong Pasir.
The Ministry of National Development (MND) said the three estates
comprise a total of 797 of apartments and maisonettes.
Real estate agents said the news could affect prices of these
properties, which may rise 5 to 7 per cent.
"With privatisation, everyone will be happy (because) the price will
be higher if we intend to sell,' said Steven Tan. The HUDC estate at
Hougang Avenue 7 which he's been living in has been put up for
privatisation.
Property agents said prices could inch up overnight.
Recently transacted prices in the three estates range from S$620,000
to S$735,000.
"I won't be surprise some will say if I were to sell you the unit,
then I am giving up my opportunity to cash in more if this development
go en bloc. We've heard of developments where once it is privatised,
the prices there sometimes rocket by S$100,000," said Chris Koh,
director of Dennis Wee Group.
Industry players said the en bloc potential for these HUDC estates is
good because they are located in mature estates with more developed
infrastructure and amenities.
The privatisation process could take up to two-and-a-half years.
But it will need support from three quarters of the residents.
Helen Lee, Protem Committee Member of Hougang Avenue 7 HUDC estate
said: "The last time we did a survey in early 2009, more than 80 per
cent of the residents were actually in favour of the privatisation. I
think it shouldn't be a problem getting the 75 per cent vote."
The residents of each estate will have to form a protem committee
comprising resident representatives to act on their behalf.
One stumbling block could be the privatisation cost, which include
legal and survey cost, as well as cost of land transfer.
The Ministry of National Development (MND) will cap the cost of
privatisation at $30,000 per flat for the three newly-designated
estates at Hougang and Potong Pasir.
The MND said this is a concession to enable HUDC lessees to fulfil
their aspirations to enhance their assets.
The concession will also apply to the Serangoon North HUDC estate,
which is in the process of obtaining support for privatisation.
The capping of privatisation cost at $30,000 is only valid for three
years, starting from 2 August 2010.
Thereafter, MND said the cost of privatisation will be adjusted to
take into consideration the prevailing redevelopment potential of the
land.
Observers said privatisation means flat owners will no longer be bound
by some public housing rules like sub-letting, and they can sell or
rent their homes to anyone. - CNA /ls
for privatisation
By :
Date : 30 July 2010 1542 hrs (SST)
URL : http://www.channelnewsasia.com/stories/singaporelocalnews/view/1072397/1/.html
SINGAPORE : The government has identified three HUDC estates for
privatisation.
The estates are located at Hougang North Neighbourhood 3, Hougang
North Neighbourhood 7, and Potong Pasir.
The Ministry of National Development (MND) said the three estates
comprise a total of 797 of apartments and maisonettes.
Real estate agents said the news could affect prices of these
properties, which may rise 5 to 7 per cent.
"With privatisation, everyone will be happy (because) the price will
be higher if we intend to sell,' said Steven Tan. The HUDC estate at
Hougang Avenue 7 which he's been living in has been put up for
privatisation.
Property agents said prices could inch up overnight.
Recently transacted prices in the three estates range from S$620,000
to S$735,000.
"I won't be surprise some will say if I were to sell you the unit,
then I am giving up my opportunity to cash in more if this development
go en bloc. We've heard of developments where once it is privatised,
the prices there sometimes rocket by S$100,000," said Chris Koh,
director of Dennis Wee Group.
Industry players said the en bloc potential for these HUDC estates is
good because they are located in mature estates with more developed
infrastructure and amenities.
The privatisation process could take up to two-and-a-half years.
But it will need support from three quarters of the residents.
Helen Lee, Protem Committee Member of Hougang Avenue 7 HUDC estate
said: "The last time we did a survey in early 2009, more than 80 per
cent of the residents were actually in favour of the privatisation. I
think it shouldn't be a problem getting the 75 per cent vote."
The residents of each estate will have to form a protem committee
comprising resident representatives to act on their behalf.
One stumbling block could be the privatisation cost, which include
legal and survey cost, as well as cost of land transfer.
The Ministry of National Development (MND) will cap the cost of
privatisation at $30,000 per flat for the three newly-designated
estates at Hougang and Potong Pasir.
The MND said this is a concession to enable HUDC lessees to fulfil
their aspirations to enhance their assets.
The concession will also apply to the Serangoon North HUDC estate,
which is in the process of obtaining support for privatisation.
The capping of privatisation cost at $30,000 is only valid for three
years, starting from 2 August 2010.
Thereafter, MND said the cost of privatisation will be adjusted to
take into consideration the prevailing redevelopment potential of the
land.
Observers said privatisation means flat owners will no longer be bound
by some public housing rules like sub-letting, and they can sell or
rent their homes to anyone. - CNA /ls
Reply all
Reply to author
Forward
0 new messages