On June 12, 2014, the Hougang Avenue 7 HUDC (Housing and Urban Development Corporation) property was privatized. A statement issued by the Housing and Development Board revealed some changes that were introduced along with the privatization, two of the most Importantly, the homeowners in the development now own both their respective units and the common property by becoming subsidiary owners and having an undivided interest. on earth. To cover common property and processing fees, each household on the property will pay SGD 30,000 upon completion of the privatization process.
First introduced in the 1970s, HUDC apartments were designed for middle-income families who could afford larger apartments. However, in 1987, the Housing and Development Board halted construction of more HUDC apartments as a result of declining demand and falling private property prices. Because of this, most HUDC condo owners who bought in earlier days are retired and don’t have an urgent need to sell, as they would have a hard time finding an equally comfortable unit to suit their needs. Still, many HUDC unit owners are likely holding out for the possibility of a block.
As after every privatization, the prices of HUDC units are expected to increase, but the increase will not be significant as the 2014 Singapore property market is moving slowly. In addition, potential buyers are likely to want a purchase at a price similar to the transaction price, while HUDC unit owners would prefer to sell at a minimum of SGD 30,000 above the transaction price, to account for fees. of privatization. These HUDC units are mostly preferred by families as they are around 1,700 square feet hence quite large and spacious. They cost under SGD1,000 per square foot, and there is continued interest in them due to limited supply.
In addition to privatization repairs, a new parking space replaced the old one, which became obsolete in view of the dividing line and future fencing of Hougang Avenue 7 HUDC Estate. Upon completion, the parking space has a total of 209 lots (excluding the three visitor lots) that are designed to serve the existing 214 homes on the property. In addition, the fire safety compliant installation complements the five horse-reel water tanks installed on the roofs for fire suppression purposes and new water pumps connected to the existing water tanks.