Business

Hougang Avenue 7 HUDC Estate Privatized

On June 12, 2014, the HUDC (Housing and Urban Development Corporation) property of Hougang Avenue 7 was privatized. A statement issued by the Housing and Development Board revealed some changes that were introduced along with the privatization, two of the most The important ones are that the owners of the property now own their respective units and the common property by becoming subsidiary owners and having an undivided interest. on earth. To cover common ownership and processing fees, each household in the property will pay SGD 30,000 upon completion of the privatization process.

First introduced in the 1970s, HUDC apartments were designed for middle-income families who could afford larger apartments. However, in 1987, the Housing and Development Board halted the construction of more HUDC apartments as a result of declining demand and falling private property prices. Because of this, most of the HUDC flat owners who bought in earlier days are retired and do not have an urgent need to sell, as they would have a hard time finding an equally comfortable unit to suit their needs. Still, many HUDC unit owners are likely to hold out for the possibility of a block.

As after every privatization, prices for HUDC units are expected to increase, but the increase will not be significant as the 2014 Singapore real estate market is moving slowly. In addition, potential buyers are likely to want a purchase at a price similar to the transaction price, while HUDC unit owners would prefer to sell at a minimum of SGD 30,000 above the transaction price, to account for fees. of privatization. These HUDC units are mostly preferred by families, as they are around 1,700 square feet, therefore quite large and spacious. Their cost is under SGD 1,000 per square foot, and there is continued interest in them due to limited supply.

In addition to privatization repairs, a new parking space replaced the old one, which was rendered obsolete in view of the median and future fencing of Hougang Avenue 7 HUDC Estate. Upon completion, the parking space features a total of 209 lots (excluding the three visitor lots) that are designed to serve the existing 214 households on the property. In addition, the fire safety compliant installation complements the five horse reel water tanks installed on the roofs for fire suppression purposes and the new water pumps connected to the existing water tanks.

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