insight
工程技术，地产投资，信仰家园，时尚生活
A tale of two estates Straits Times: Thu, Jan 12 | Straits Times: Thu, Jan 12 | |||||
| TWO HUDC estates - one in Potong Pasir and the other in Tampines - welcomed residents in 1987 and the estate in Tampines took the privatisation route in 2002. Apparently, that has made a world of difference for residents of Tampines Court. While residents in the Potong Pasir estate said they have had to put up with spalling concrete and lifts that occasionally broke down, those living in Tampines Court said they could exercise more control over how to manage their estate. Tampines Court resident Francis How believes that is the biggest perk privatisation holds for HUDC estates. 'Some of us wanted a swimming pool and a gym but that was voted down. The most important thing, however, was that we had a choice,' said the 55-year-old insurance agent. Choice could also come to the residents of the 175-unit Potong Pasir estate which recently made the news for giving a privatisation move more than 85 per cent approval. Once an HUDC estate goes private, residents take over the common areas, including upkeep of lifts, walkways and the surrounding greenery. School football coach Brian Batchelor said the biggest change for him is that the 560-unit Tampines Court is now a gated community with round-the-clock security. 'The security is an improvement, and when you manage things yourselves, the community grows closer as a result,' said the 58-year-old. The changes have also boosted resale prices. While he bought his 1,700 sq ft unit in 1988 for $200,000, a unit of similar size was sold last month for about $1 million. The lowest price that a unit went for last year was $850,000. Asked if he would sell, Mr Batchelor said he might 'if the price is right'. 'The estate is getting old so it's harder to maintain,' he said, noting that he has to pay $130 a month for the upkeep. He is in favour of a collective sale too. 'We are getting older too. So if an en bloc happens, and we are offered more than $1.5 million, why not?' Indeed, work to put Tampines Court up for a collective sale is under way. This is the second attempt after a failed one in 2008. Mr How, who is also chairman of the sales committee, is cautiously optimistic this time round. 'Since our first attempt, things have become more expensive for a developer who will want to top up the lease. But a collective sale is possible, if they see the size of this estate and recognise its value,' he said. But he has his work cut out for him as not all Tampines Court residents favour selling their homes. Ms Sangeetha Pari, 32, who bought her unit in 2008 for about $600,000, recently rejected an offer of $1.2 million. 'We moved from a standard HDB flat and it's such a world of difference. It's a good estate to bring up my children so why would I want to sell?' she said. Over at Potong Pasir, residents are taking the first steps in a long journey ahead but already, the buzz on the ground has been growing. Mr Sukhmindar Singh, who heads the HUDC privatisation pro tem committee, emphasised that a collective sale is not on the cards for now. 'It's still in the early stages and we don't want to put the cart before the horse. Residents signing now love the place and want more autonomy to run it ourselves,' he said. He added that the incentive from the Government, was also attractive - the cost of privatisation is capped at $30,000 per flat, with the Government absorbing the difference if it exceeds this sum. Retired developer Danny Sim initially did not want to sign on the dotted line. 'Lifts break down about three times a year but I can live with that,' he said. The 54-year-old changed his mind when he saw his fellow residents taking to it in droves. Still, he has some reservations. 'If managed badly, things can get more expensive when we go private. And if people are half-hearted going in, it will get even worse,' he said. Financial consultant Linda Ng, 40, however, believes that privatisation is the only way to go. 'The buildings are falling apart and carparks and lifts are in a bad state. Hopefully, the estate will look better and have more security and privacy,' she said. DARYL CHIN
FIRST STEPS 'It's still in the early stages and we don't want to put the cart before the horse. Residents signing now love the place and want more autonomy to run it ourselves.' Mr Sukhmindar Singh (above), head of the HUDC privatisation pro tem committee for the Potong Pasir estate, on an en bloc sale Source: The Straits Times
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