- POSTED: 01 Jul 2014 10:41
- UPDATED: 01 Jul 2014 22:47
With this move, of the original 18 HUDC estates, only one – Braddell View – is yet to be privatised.
SINGAPORE: The HUDC estate at Potong Pasir Avenue 1 has been privatised under the Land Titles (Strata) Act, after it obtained the required 75 per cent majority support, the Housing and Development Board (HDB) said on Tuesday (July 1).
This means that the Potong Pasir Town Council is no longer responsible for managing and maintaining the common properties of the estate, which comprises 175 units of flats at Blocks 110 to 112 Potong Pasir Avenue 1.
The Management Corporation Strata Title Plan No 4010 will be constituted to take over the management and maintenance of the estate’s common properties. Individual owners in the estate will own their respective strata units, as well as the common property such as car parks and open landscaped areas, as tenants-in-common, the HDB said in a statement.
Residents Channel NewsAsia spoke to said they hope there would be an en-bloc sale. However, Mr Eugene Lim, Key Executive Officer from ERA Realty Network said residents might hold out a bit longer before jumping on the en-bloc bandwagon.
"I don't think they'll go into the market today, because the en-bloc sale market is relatively weak," he said. "We'll look how things pan out when Bidadari is launched next year. There's a lot of interest for Bidadari, and this is expected to shore up interest in the area."
Still, he said the site would be popular with private developers due to its small land size, location on the city fringe and lower payable quantum.
With the Potong Pasir HUDC estate’s privatisation, Braddell View is the last of Singapore’s 18 HUDC estates yet to complete the privatisation process.