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18-09-14, 14:08
http://www.straitstimes.com/archive/thursday/premium/singapore/story/higher-sinking-fund-former-hudc-estate-20140911
Higher sinking fund for former HUDC estate
Hougang Ave 2 residents better able to build fence and carpark gantries
Published on Sep 11, 2014 12:50 AM
By Janice Heng
FOR months, residents of the newly privatised HUDC blocks at Hougang Avenue 2 did not know if they could afford to put up a fence around their estate.
They had been waiting to discover how much they are due to receive from Aljunied-Hougang-Punggol East Town Council (AHPETC) from a sinking fund they had paid into when it was still public housing.
The initial estimated sum of $385,000 looked too low to cover the costs for a fence and carpark gantries to be erected. This is a standard procedure when public housing estates go private, as the 336-unit Hougang Avenue 2 estate did on May 22.
The sum would have left too little for long-term maintenance work. However, it has since been given a revised estimate from the council of $600,000 - enough to make residents' plans possible.
Hougang Avenue 2 management committee chairman Winston Chong pointed out that this is still an unaudited figure, with the National Development Ministry's audit of AHPETC's finances to wrap up by the end of the year.
"They (the town council) have done all they can do to revise the numbers to an acceptable level," he said, adding that residents' reactions vary but "mostly, people feel that... it's better than what we had before".
Yet, for a resident who wanted to be known only as Dr Lowe, questions remain.
"Taking into account it was only around two years back when the sinking fund estimate given by the AHPETC was in excess of $1.2 million, even the $600,000 ballpark given now is rather low," said the 33-year-old researcher.
Two other former HUDC estates previously under AHPETC are also getting on with their belated estate plans.
The 244-unit Serangoon North former HUDC estate has an unaudited sinking fund of $400,000.
Households there have agreed to contribute an additional $32 per month to the fund so that they can put up fencing and carpark gantries, and fix the estate's breakdown-prone lifts.
This is on top of the usual privatisation cost, capped at $30,000 per household. The exact sum to be paid is not known yet.
Resident Peter Gwee, 63, is resigned to paying the extra sinking fund contribution but does not think it is fair.
"If other HUDC estates have gone private and they didn't pay this amount, then we are victims," said Mr Gwee, who runs his own business.
Management committee chairman Poon Mun Wai said: "While we are busy carrying out various urgent activities in the estate, a sub-committee is also tasked to engage AHPETC to seek clarification on the issue of sinking funds as well as the issue of cyclical works not done the last few years."
Meanwhile, the 286-unit Hougang Avenue 7 estate has received an undisclosed sinking fund estimate between that of the other two estates.
"It's an improvement from the last estimate (of $328,000)," said former pro-tem committee chairman Lee Meng Chin.
But he added that the committee has not accepted the new figure and has given the Town Council its own estimate, which it did not disclose, based on contribution and expenditure figures.
AHPETC did not respond to queries from The Straits Times.
[email protected]
Higher sinking fund for former HUDC estate
Hougang Ave 2 residents better able to build fence and carpark gantries
Published on Sep 11, 2014 12:50 AM
By Janice Heng
FOR months, residents of the newly privatised HUDC blocks at Hougang Avenue 2 did not know if they could afford to put up a fence around their estate.
They had been waiting to discover how much they are due to receive from Aljunied-Hougang-Punggol East Town Council (AHPETC) from a sinking fund they had paid into when it was still public housing.
The initial estimated sum of $385,000 looked too low to cover the costs for a fence and carpark gantries to be erected. This is a standard procedure when public housing estates go private, as the 336-unit Hougang Avenue 2 estate did on May 22.
The sum would have left too little for long-term maintenance work. However, it has since been given a revised estimate from the council of $600,000 - enough to make residents' plans possible.
Hougang Avenue 2 management committee chairman Winston Chong pointed out that this is still an unaudited figure, with the National Development Ministry's audit of AHPETC's finances to wrap up by the end of the year.
"They (the town council) have done all they can do to revise the numbers to an acceptable level," he said, adding that residents' reactions vary but "mostly, people feel that... it's better than what we had before".
Yet, for a resident who wanted to be known only as Dr Lowe, questions remain.
"Taking into account it was only around two years back when the sinking fund estimate given by the AHPETC was in excess of $1.2 million, even the $600,000 ballpark given now is rather low," said the 33-year-old researcher.
Two other former HUDC estates previously under AHPETC are also getting on with their belated estate plans.
The 244-unit Serangoon North former HUDC estate has an unaudited sinking fund of $400,000.
Households there have agreed to contribute an additional $32 per month to the fund so that they can put up fencing and carpark gantries, and fix the estate's breakdown-prone lifts.
This is on top of the usual privatisation cost, capped at $30,000 per household. The exact sum to be paid is not known yet.
Resident Peter Gwee, 63, is resigned to paying the extra sinking fund contribution but does not think it is fair.
"If other HUDC estates have gone private and they didn't pay this amount, then we are victims," said Mr Gwee, who runs his own business.
Management committee chairman Poon Mun Wai said: "While we are busy carrying out various urgent activities in the estate, a sub-committee is also tasked to engage AHPETC to seek clarification on the issue of sinking funds as well as the issue of cyclical works not done the last few years."
Meanwhile, the 286-unit Hougang Avenue 7 estate has received an undisclosed sinking fund estimate between that of the other two estates.
"It's an improvement from the last estimate (of $328,000)," said former pro-tem committee chairman Lee Meng Chin.
But he added that the committee has not accepted the new figure and has given the Town Council its own estimate, which it did not disclose, based on contribution and expenditure figures.
AHPETC did not respond to queries from The Straits Times.
[email protected]