Friday, August 29, 2008

Shunfu Ville Gets HDB Approval To Go Private

Source : My Paper. Fri, Aug 29, 2008

SHUNFU Ville, an HUDC estate in Marymount Road, has been privatised.

The Housing Board (HDB) approved the required mandate for the estate to go private more than a week ago.

Out of 18 HUDC estates in Singapore, Shunfu Ville is the 13th to go private.

In April, my paper reported that a mass-signing exercise by residents of its 358 units had secured enough votes to go ahead with the move.

This was after an unsuccessful exercise in 2001 held by Shunfu's pro-tem committee, which fell short of the 75 per cent of votes needed. At the time, only 50 per cent agreed to privatisation.

According to the chairman of the committee, Mr Philip Liau, 57, gaining approval from the flat owners had not been easy.

Some residents were reluctant because of the uncertain economic outlook and the high cost of privatisation, a media report said.

Now, Shunfu's residents are allowed to sub-let their units without prior approval from HDB. They will also be allowed to purchase a second property.

Lessees will be able to re-finance or re-mortgage their properties.

When an estate is made private, HDB takes over the ownership of common areas, such as carparks, along with the management of the estate from the town councils.

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