Upon privatisation, HUDC residents own the common areas and they will have better control over the running of their estate. The residents essentially pay the HDB to take over the ownership of common property such as carparks and landscaped areas. They also take over the management of the estate from town councils. Owners will no longer be subject to HDB’s housing policies eg. the need to seek HDB’s approval in order to sublet their HUDC flats.
The process of privatisation is by way of public announcement and designation in the Government Gazette. Once owners of at least 75% of the flats support privatisation, the leases can be converted to strata titles. HDB’s lease conditions are then lifted, effectively making them private property. The process of legally transferring the title from the Housing Board to flat owners takes about 2 1/2 years to complete.
At completion of the privatization process, owners pay a cap of $30,000 each. This covers the cost of common property that has been transferred to owners, legal costs, survey and other processing fees, all of which can be paid using their Central Provident Fund savings.
Of the 18 estates, 17 have been legally privatized.
5 of them have already successfully enbloc, they are: Amberville, Farrer Court, Gillman Heights, Minton Rise, Waterfront View Estate.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
AsianPrime Properties Pte Ltd (L3010623G)