"I am a BLOGGER NOT an expert. This is a BLOG not a 'go-to' website for official information. I represent no one's view save my own. I have neither legal nor financial training, nor do I have anything to do with the real estate industry. My understanding of the Collective Sale Process is from a layman's position only. My calculations, computations and tables are homespun and may contain errors. Please note that nothing in this blog constitutes any legal or financial advice to anyone reading it. You should refer to your lawyer, CSC or financial adviser for expert advice before making any decision. This disclaimer is applicable to every post and comment on the blog. Read at your own risk."
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There is one thing worse than an Enbloc ----- and that is an Enbloc done badly. Since the majority have the necessary mandate to sell, then they owe it to all SPs to make a success of it. Minority SPs can only watch and wait, if they sell then lets pray it's at a price we can move on with, if they don't sell, then we are happy to stay for a few more years.

Hougang North Ave 2 (N7) HUDC

Money not the motive

SINGAPORE - The 60-year-old retiree has lived in three different HUDC estates and hoped that his current home at Hougang Ave 2 would be his last one.
But it might not be anymore.
Last week, HDB announced that the estate has received the required 75 per cent support for privatisation.
This gives the 336-unit estate, which consists of maisonette units in high-rise blocks and four-storey walk-up apartments, the chance of an en bloc deal.
The estate, built in 1988, is the latest HUDC estate to be privatised.
The last HUDC estate, Braddell View, is currently garnering support for privatisation. (See report below.)
Now that privatisation has been confirmed, are residents there excited about a potential windfall in the future?
After all, the record price was $1.065 million for a 157 sqm maisonette in November 2012, according to Housing Board data. (See figures above.)
But the three-time HUDC resident, who wanted to be known only as Mr Ho, had voted against privatisation.
He said: "I didn't buy this place for investment. I was hoping to live here for the rest of my life."
Mr Ho moved to the Hougang Ave 2 HUDC estate three years ago, after his previous flat at Minton Rise, also in Hougang, went en bloc.
He had previously lived in Shunfu Ville, which was privatised last year but not yet sold collectively.
He added that he did not think that the estate would be privatised when he first bought it. He had been drawn to its price and size - $480,000 for a 156 sqm flat
But a 70-year-old resident who lives in a maisonette on the sixth storey, said he would be willing to sell if offered between $1.1 million to $1.2 million.
"I'm getting older so it may be a problem in the future. I have to climb upstairs to my bedroom," said the retiree, who wanted to be known only as Mr Sim.
He had paid $368,000 for the 157 sqm unit in 1993 and he lives there with his wife, daughter and her family.
Property agent Sherry Tang said that prices in Hougang Ave 2 are unlikely to soar even after privatisation.
She brokered a $1 million deal for a maisonette in the estate last year and expects prices to stay in this region.
The senior sales director from DTZ Property said: "The market has been quiet and there have been slower transactions.
"Buyers are limited by the total debt servicing ratio.
"After privatisation, foreigners will be allowed to buy units, but it won't be popular with them because of the location."
Ms Tang added that the demand for HUDC units in Hougang is not as competitive as that in nearby Potong Pasir and Serangoon.
Mr Winston Chong, 51, chairman of the pro tem committee behind the privatisation, said that profit was not their intention.
"Most of us are happy in this place and we wanted the chance to manage our own estate," said the financial adviser, who has lived there for four years.
Housewife Lucy Chan, 75, who has been living in the estate for the past 15 years, is one of them.
She lives in a 151 sqm, three-bedroom apartment on the third storey and hopes to continue living in the estate.
Madam Chan said: "You won't find such a big unit elsewhere and it's very private because I have no neighbours on the same storey.
"But I hope a lift will be built soon because my knees are getting weak."

This article was first published on May 31, 2014. 

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