On 12 June 2014, the Hougang Avenue 7 HUDC (Housing and Urban Development Corporation) Estate was privatized. A statement released by the Housing and Development Board revealed some changes that were instated along with the privatization, two of the most important being that homeowners in the estate now own both their respective units and the common property by becoming subsidiary proprietors and having an undivided share in the land. In order to cover the common property and processing fees, each household in the estate will pay SGD 30,000 upon completion of the privatization process.
First introduced in the 1970s, HUDC flats were designed for middle-income families who were able to afford larger flats. In 1987, however, the Housing and Development Board ceased the construction of more HUDC flats as a result of decreased demand and of private property prices declining. Because of this, the majority of HUDC flat owners who bought in earlier days are retirees, who have no urgent need to sell, as they would have difficulty finding a similarly comfortable unit to suit their needs. Still, many HUDC unit owners are likely to wait for the possibility of an en bloc.
As after every privatization, the prices of HUDC units are expected to increase, but the rise will not be a significant one, as the 2014 Singapore property market is slow-moving. In addition, potential buyers are likely to want a purchase of similar price as the transacted price, whereas HUDC unit owners would rather sell at a minimum of SGD 30,000 above the transacted price, in order to factor in the privatization fees. These HUDC units are mostly favored by families, as they are around 1,700 sq ft, therefore quite large and spacious. Their cost is under SGD 1,000 per square feet, and there is continued interest in them because of the limited supply.
In addition to reparations done with the occasion of the privatization, a new parking space replaced the old one, rendered obsolete in view of boundary line and future fencing of the Hougang Avenue 7 HUDC Estate. After completion, the parking space sports a total of 209 lots (excluding บ้านมือสอง กรุงเทพ the three visitor lots) that are designed to cater to the 214 existing households of the estate. Furthermore, fire safety compliance installation supplement the five horse reel water tanks installed on rooftops for fire fighting purposes and the new water pumps connected to existing water tanks.
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