Tuesday, September 18, 2012

12 HUDC estates privatised, a handful to go

12 of the 18 HUDC estates in Singapore have already been privatised with five estates still in the process of privatisation, according to The Straits Times
The 12 estates include Amberville, Chancery Court, Eunosville, Farrer Court, Gillman Heights, Ivory Heights, Lakeview, Laguna Park, Minton Rise, Pine Grove, Tampines Court and Waterfront View Estate.

Meanwhile, Serangoon North, Hougang North N3, Hougang North N7, Potong Pasir and Bishan (Shunfu) are the five estates that have obtained at least 75 percent mandate for privatisation.

Meanwhile, Braddell View  is the only estate that hasn’t been privatised. Built in two phases, each phase was issued a separate state lease with different expiry dates.
HUDC units were first introduced in the 1970s, with 18 projects comprising 7,731 units intentionally built for middle-income families who could afford larger flats.

But in 1987, the housing board stopped such developments after private property prices declined and demand for HUDC units fell. In 1995, the privatisation process was introduced to give control to owners and is done through public announcements and designation in the Government Gazette.

View the original article here

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