The Housing and Urban Development Company (HUDC) estate in Serangoon North is three signatures away from achieving privatisation.
180 of the 244 households have already signed up – just 1.2 per cent shy of the 75 per cent minimum needed for the proposal.
Key benefits of privatising HUDC estates are that home owners will be able to manage their estates and build facilities typically found in condominiums, like swimming pools or fitness corners.
Property value usually increases as well because of fewer restrictions on locals or foreigners buying private apartments.
The Serangoon North HUDC has been trying to achieve privatisation since 1997, but has met resistance from residents.
Many cited concerns over their inability to pay the S$30,000 in privatisation costs.
The estate is under a time crunch to reach consensus.
If the vote goes through before August 1, 2013, the Government will cap the cost of privatising the homes at S$30,000.
Thereafter, the cost of privatisation will be adjusted to take into consideration the prevailing redevelopment potential of the land, which could potentially double.
Minister in the Prime Minister’s Office and MP for Aljunied GRC, Lim Hwee Hua, met residents this evening to hear their concerns over the privatisation of their estate.
Source : Channel NewsAsia – 15 Apr 2011