Amberville Development Info

Hougang North Ave 7 (N3) HUDC Privatisation

Hougang North Ave 2 (N7) HUDC PRIVATISED

Money not the motive

SINGAPORE - The 60-year-old retiree has lived in three different HUDC estates and hoped that his current home at Hougang Ave 2 would be his last one.

But it might not be anymore.

Last week, HDB announced that the estate has received the required 75 per cent support for privatisation.

This gives the 336-unit estate, which consists of maisonette units in high-rise blocks and four-storey walk-up apartments, the chance of an en bloc deal.

The estate, built in 1988, is the latest HUDC estate to be privatised.

The last HUDC estate, Braddell View, is currently garnering support for privatisation. (See report below.)

Now that privatisation has been confirmed, are residents there excited about a potential windfall in the future?

After all, the record price was $1.065 million for a 157 sqm maisonette in November 2012, according to Housing Board data. (See figures above.)

But the three-time HUDC resident, who wanted to be known only as Mr Ho, had voted against privatisation.

He said: "I didn't buy this place for investment. I was hoping to live here for the rest of my life."

Mr Ho moved to the Hougang Ave 2 HUDC estate three years ago, after his previous flat at Minton Rise, also in Hougang, went en bloc.

He had previously lived in Shunfu Ville, which was privatised last year but not yet sold collectively.

He added that he did not think that the estate would be privatised when he first bought it. He had been drawn to its price and size - $480,000 for a 156 sqm flat

WILLING TO SELL

But a 70-year-old resident who lives in a maisonette on the sixth storey, said he would be willing to sell if offered between $1.1 million to $1.2 million.

"I'm getting older so it may be a problem in the future. I have to climb upstairs to my bedroom," said the retiree, who wanted to be known only as Mr Sim.

He had paid $368,000 for the 157 sqm unit in 1993 and he lives there with his wife, daughter and her family.

Property agent Sherry Tang said that prices in Hougang Ave 2 are unlikely to soar even after privatisation.

She brokered a $1 million deal for a maisonette in the estate last year and expects prices to stay in this region.

The senior sales director from DTZ Property said: "The market has been quiet and there have been slower transactions.

"Buyers are limited by the total debt servicing ratio.

UNPOPULAR LOCATION

"After privatisation, foreigners will be allowed to buy units, but it won't be popular with them because of the location."

Ms Tang added that the demand for HUDC units in Hougang is not as competitive as that in nearby Potong Pasir and Serangoon.

Mr Winston Chong, 51, chairman of the pro tem committee behind the privatisation, said that profit was not their intention.

"Most of us are happy in this place and we wanted the chance to manage our own estate," said the financial adviser, who has lived there for four years.

Housewife Lucy Chan, 75, who has been living in the estate for the past 15 years, is one of them.

She lives in a 151 sqm, three-bedroom apartment on the third storey and hopes to continue living in the estate.

Madam Chan said: "You won't find such a big unit elsewhere and it's very private because I have no neighbours on the same storey.

"But I hope a lift will be built soon because my knees are getting weak."

This article was first published on May 31, 2014.