Money not the motive

Money not the motive
Blk 713 to 720 Hougang Ave 2 is the latest HUDC estate to be privatised.

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.

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