Final HUDC Estate Designated for Privatization – Singapore real estate agency
Braddell View, a HUDC Estate, has been designated for privatization. It is the last of 18 HUDC estates to be announced for privatization. Singapore real estate agency.
Braddell View is governed by the HUDC Housing Estates Act (HHEA) (See Annex A for details for the estate). Under the HHEA, Braddell View is managed and maintained by a body corporate which has a management committee elected by the owners of the flats in the estate. The existing management committee will handle all matters regarding the privatization. Singapore real estate agency.
Harmonization of Lease
As Braddell View was developed in two phases on two separate land leases with different expiry dates, privatization of Braddell View will necessitate the harmonization of leases so that the two leases have the same expiry dates. The existing land leases of the Phase 1 land parcel will be topped-up to be on par with the Phase 2 land parcel. Payment of land premium is required for the top-up; the amount of which will be determined by the Chief Valuer Office (CVO).
Details of the privatization process can be found in Annex B.
The HHEA was amended in Sep 2012 to empower the Braddell View body corporate to convene general meetings to determine the share of the premium to be paid by each flat owner in the estate and to levy such premium as contributions. Singapore real estate agency.
Progress of Privatization of Announced HUDC Estates
All the 18 HUDC estates have been announced for privatization. Of these, 13 estates have been successfully privatized. While Braddell View HUDC estate has just been announced for privatization, there are 4 estates announced earlier, which are in various stages of privatization. These estates are at Hougang Avenue 2 and 7, Potong Pasir Avenue 1, and Serangoon North Avenue 1.
BRADDELL VIEW HUDC ESTATE
|Phase||Blocks||Number of units|
|1||10, 10A – 10E||480 flats and 1 shop|
|2||10F – 10H, 10J – 10N and 10P – 10S||438 flats and 1 shop|
|Total||918 flats and 2 shops|
With the designation, HDB will apply to the Singapore Land Authority (SLA) for the lease top up once the requisite 75% mandate to privatize has been obtained, and the apportionment of the top-up premium payable among the different flat owners determined. Thereafter, the various privatization works (surveying, title application, preparation of Strata Title Plan, legal work, etc.) will proceed. On completion, the flat owners will lodge an application with the SLA for the strata title together with HDB’s transfer of the land to them. After the lease top-up, the whole process of legal privatization can be expected to take about 15 months, barring any unforeseen circumstances. Singapore real estate agency.
Upon conversion of the land to strata title, the estate will be governed by the Land Titles (Strata) Act [LTSA]. The existing management committee of Braddell View will continue as the council of the new management corporation to look after the management and maintenance of the estate in accordance with the Building Maintenance and Strata Management Act (BMSMA).
Besides the lease top-up premium, each unit owner will have to bear the legal fees, survey costs and stamp duty to convert the existing lease to strata title. The final quantum will be based on the actual costs incurred and the approved share values for the units.
Source: HDB website
Click here to search for Singapore real estate agency.