- POSTED: 28 Jan 2014 18:00
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The National Development Ministry announced the estate's designation for privatisation on Tuesday.
SINGAPORE: HUDC estate Braddell View has been designated for privatisation, said the National Development Ministry on Tuesday.
Braddell View is the last of 18 HUDC estates to be designated for privatisation.
However, there are some issues that need to sorted out before the privatisation works can begin.
Braddell View was developed in two phases on two separate land leases, with different expiry dates.
In order to begin privatisation works, the two leases must expire at the same time.
To harmonise the leases, owners will have to pay for the top up premium, legal fees, survey costs and stamp duty. This will be determined by the residents themselves.
Analysts Channel NewsAsia spoke with say that while the privatisation is likely to go through, it will also likely be a long drawn affair as some owners may not be happy with the amount they have to pay.
Some owners may also choose to sell their units while others may hold on in anticipation of a potential en bloc sale.
Symbolic end to HUDC era
Writing in his blog on Tuesday, National Development Minister Khaw Boon Wan described Braddell View's designation for privatisation as the symbolic end of the HUDC era.
Mr Khaw recalled that the first HUDC estates were built in the 1970s to help middle-income families own their homes, and they were well received.
By the 1980s, demand for HUDC flats had dwindled as there were more HDB flats in the resale market by then.
HDB had also introduced the Executive Flats as an alternative housing option, and private properties had also become more affordable after a declining property cycle.
In 1987, HDB stopped building HUDC altogether.
In 1995, HDB started to privatise the HUDC estates, enabling their dwellers to become private property owners.
Mr Khaw noted, "Housing policies are dynamic and evolve with changing circumstances."
"The era of HUDCs has ended. However, HUDC estates will remain a testament to the creative ways in which we have housed our people and help them fulfil their dreams," he added.