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17-07-12, 23:58
http://www.straitstimes.com/Singapore/Story/STIStory_820534.html
PARLIAMENT
Change paves way for last HUDC estate to go private
Published on Jul 10, 2012
By Daryl Chin
THE legal route was opened yesterday for Singapore's last Housing and Urban Development Company (HUDC) estate to take its first step down the privatisation path.
The sprawling Braddell View estate had been built in two stages, in 1977 and 1980. As a result of the different land leases, it was difficult for the estate to privatise because the HUDC Housing Estates Act requires the cost of doing so to be borne equally by all 918 households.
But yesterday, following Parliament's nod to a change in the Act, the residents can 'decide how best to apportion the cost among themselves, taking into account the potential benefits of privatisation', said Minister of State (National Development) Lee Yi Shyan during the debate on the change.
He said having the shorter lease brought up to par with the longer one, by way of a top-up premium, is the most feasible option out of three the Housing Board considered.
The exact amount, however, would be decided by the Government's Chief Valuer, who will take into account the state of the property and recently transacted prices, added Mr Lee.
But many of the residents are retirees and may have difficulty paying the premium, said the area's MP, Mr Hri Kumar Nair (Bishan-Toa Payoh GRC).
Replying, Mr Lee suggested that the management committee could help with costs through the sinking fund. Another solution, he added, was to let flat owners pay with their Central Provident Fund (CPF) savings, or use their children's CPF savings and list them as co-owners of the property.
Asked to comment on the change, the chairman of the estate's management committee, businessman Alex Teo, would say only that he 'felt very positive about the privatisation'.
[email protected]
PARLIAMENT
Change paves way for last HUDC estate to go private
Published on Jul 10, 2012
By Daryl Chin
THE legal route was opened yesterday for Singapore's last Housing and Urban Development Company (HUDC) estate to take its first step down the privatisation path.
The sprawling Braddell View estate had been built in two stages, in 1977 and 1980. As a result of the different land leases, it was difficult for the estate to privatise because the HUDC Housing Estates Act requires the cost of doing so to be borne equally by all 918 households.
But yesterday, following Parliament's nod to a change in the Act, the residents can 'decide how best to apportion the cost among themselves, taking into account the potential benefits of privatisation', said Minister of State (National Development) Lee Yi Shyan during the debate on the change.
He said having the shorter lease brought up to par with the longer one, by way of a top-up premium, is the most feasible option out of three the Housing Board considered.
The exact amount, however, would be decided by the Government's Chief Valuer, who will take into account the state of the property and recently transacted prices, added Mr Lee.
But many of the residents are retirees and may have difficulty paying the premium, said the area's MP, Mr Hri Kumar Nair (Bishan-Toa Payoh GRC).
Replying, Mr Lee suggested that the management committee could help with costs through the sinking fund. Another solution, he added, was to let flat owners pay with their Central Provident Fund (CPF) savings, or use their children's CPF savings and list them as co-owners of the property.
Asked to comment on the change, the chairman of the estate's management committee, businessman Alex Teo, would say only that he 'felt very positive about the privatisation'.
[email protected]