After more than 40 years, the curtain fell on the Housing and Urban Development Company scheme with the privatisation of the last HUDC estate yesterday.
Braddell View, comprising 918 flats and two shops, is the last to be privatised of all largest of the 18 HUDC estates, a Housing Board statement said.
All 7,731 HUDC units have now been converted into private housing this was done to to fulfill the growing aspirations of Singaporeans to very own private houses and deliver extra manage over control and maintenance to the proprietors. The Government had moved to privatise such estates in 1995.
In their day, HUDC units were larger, better built, had nicer designs and were more expensive than their HDB previously.
The HUDC Journey
Today, HUDC’s role has been largely replaced by other housing types such as the Design, Build and Sell Scheme and executive condominiums which also cater for the middle income home buyers.
Back then, the supply of private housing was limited, but as the years passed, decreasing in demand and the larger number of housing choices meant the scheme ended in 1987.
Compared to the other 17 estates, the privatisation process took a longer time for Braddell View due to its unique characteristics – it sat on two parcels of land with different leases that expire two years, two months and 27 days apart. One lease will expire in 2077, and the other in 2080.
Residents at Braddell View were very happy to hear the news of their home privatisation, a hard-fought process that spanned 18 years.
The next process would be the meeting session with the residents to discuss whether to proceed with a collective sale or not, which might be tricky. At 106,120 sq m, the size of the estate would need an ambitious developer to take over.
Every Singaporean deserve 2 chances to own a subsided flat, one of the most anticipated executive condominium launching second quarter 2017, Hundred Palms Residences at Yio Chu Kang Road and Sumang EC at Sumang Walk (Punggol) , which expected to launch in 2018.
Source: http://www.straitstimes.com/singapore/housing/hudc-era-ends-as-last-estate-goes-private
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