Serangoon North HUDC Estate privatised: HDB
http://www.businesstimes.com.sg/brea...d-hdb-20140508
Quote:
THE Housing and Development Board on Thursday announced that the Serangoon North HUDC Estate will be converted into a strata-titled property under the Land Titles (Strata) Act with effect from May 8.
The privatisation is initiated by residents and a requisite 75 per cent majority support was achieved by them.
Along with the privatisation, the Aljunied-Hougang-Punggol East Town Council will cease its responsibility in the management and maintenance of the common properties of the estate with effect from May 8.
HDB says individual owners in the estate now own their respective strata units, as well as the common property such as car parks and open landscaped areas, as tenants-in-common.
Serangoon North HUDC goes private
http://www.straitstimes.com/archive/...ivate-20140509
Serangoon North HUDC goes private
Move paves way for owners to seek potentially lucrative collective sale
Published on May 9, 2014 1:18 AM
By Janice Heng And Joanna Seow
SERANGOON North HUDC estate has been privatised successfully, making it the 14th of 18 such once-public housing estates to complete the journey.
The estate has become a strata-titled property under the Land Titles (Strata) Act, said the Housing Board in a statement yesterday.
The move opens the way for a collective sale to private developers, which has meant windfalls for home owners in the past.
Serangoon North "may stand a better chance at a successful en bloc sale (than other former HUDC estates)... as its land area is smaller", said SLP International Property Consultants head of research Nicholas Mak.
The estate comprises 244 flats at Blocks 128 to 134 in Serangoon North Avenue 1.
But Mr Mak added that owners would have to be patient as land prices are softening now.
Residents have no plans for an attempt at a collective sale soon, said Mr Poon Mun Wai, vice-chairman of the pro-tem committee for the privatisation. "I think we will take one step at a time."
However, some residents might try to cash out by selling their individual units.
Mr Mak notes that some are already offering their flats at prices ranging from $660 per square foot (psf) to $770 psf, or around $1.1 million to $1.3 million - about 5 to 20 per cent lower than recent sales at nearby condominium Regent Ville.
Now that the units are private, their prices should hold up amid a cooling market, said R'ST Research director Ong Kah Seng.
But they will not fetch large premiums as there is no immediate collective-sale pressure, he added.
Serangoon North's successful privatisation leaves four estates still in the midst of the process: Braddell View, Potong Pasir Avenue 1, and Hougang Avenues 2 and 7.
Project manager R.C. Mohan, 65, voted for privatisation "because the value of the place will go up (and) it provides some security if we want to sell it in the future".
With Aljunied-Hougang-Punggol East Town Council no longer responsible for the estate, a Management Corporation Strata Title council must be elected in 90 days to manage and maintain it.
Improvement plans will depend on sinking funds from the town council, which is giving the estate an estimate, said Mr Poon.
But one priority might be to "protect our own carpark". Currently, there is no gantry restricting access to its carpark spaces.
Another is separating the estate from surrounding blocks. "I think the residents would like to fence up the whole estate," Mr Poon said.
Such moves have caused friction in other HUDC estates. Shunfu Ville's fence cut off a walkway leading from Thomson Garden landed estate to Shunfu Road.
Thomson Garden residents thus have to take a longer route to amenities such as Shunfu market and Marymount MRT station.
No such conflicts have arisen since Serangoon North HUDC estate gained the minimum 75 per cent of votes for privatisation in 2011.
But resident Sim Moh Yong, 61, has a similar gripe. "Now when I want to drink coffee, I just walk straight to the market. (When) they wall up the outside, I would have to walk through only certain gates," said the retiree, who did not vote for the privatisation.
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