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Privatization of Hougang Avenue 2 HUDC

Privatization of Hougang Avenue 2 HUDC. Resident’s Briefing November 20 th , 2010 http://hougangave2hudc.wordpress.com./. Meeting Agenda. 3.15pm      Arrival of Residents & Registration 3.30pm      Recap the chain of events 4.00pm      Introduction of Protem Committee Members

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Privatization of Hougang Avenue 2 HUDC

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  1. Privatization of Hougang Avenue 2 HUDC Resident’s Briefing November 20th, 2010 http://hougangave2hudc.wordpress.com./

  2. Meeting Agenda 3.15pm      Arrival of Residents & Registration 3.30pm      Recap the chain of events 4.00pm      Introduction of Protem Committee Members 4.10pm      Rationale for Privatization & Update on Status 4.30pm      Legal Process & Timeline 4.50pm      Q & A 5.10pm      Closing Remarks

  3. Safeguarding, Enhancing & Improving Our Quality of Life Through Privatisation • 30th July 2010 - HDB Letter to Residents – Privatization Offer • 21 August 2010 - HDB conducted a dialogue session and briefed our residents on the scheme offered to privatize our HUDC estate. • 25 residents from all our blocks had volunteered and formed a Protem Committee and a Sub-committee to garner support for the privatization. • 20th September 2010 – Protem Committee presented to residents the assessment and considerations . • 13th November 2010 – Protem Committee has issued you a Newsletter on today’s briefing session.

  4. Privatization of Hougang Avenue 2 HUDC

  5. Protem Committee

  6. Sub-Committee Members

  7. Sub-Committee (cont)

  8. Evaluation of Privatization Untenable Status Quo Enlarged Market of Potential Buyers Improved Privacy & Security Better Control of Estate Possible Appreciation of Value Discount for Land Purchase

  9. Breakdown of $30k Outlay Cost of Land $26,000 Legal & Survey Fees $2,000 Construction Works (CSC) $4,000 Total estimated cost $30,000 Estimated market value - $52,200 “Use by” date: August 1st, 2013

  10. Volunteers Needed IT support Book-keeping Finance Engineering/ Construction

  11. Process & Timeline Wendy Wong, Wong Alliance LLP

  12. Legal Fees $405 + GST per unit Payment Terms: $50 upon signing the Mandate $200 when HDB is ready to sign the Transfer & the Application Balance fees + disbursements upon issuance of SSCT. Abortive cost capped at amount collected at the Mandate Exercise

  13. Process & Timeline Nov ‘10 onwards - Awareness & education Jan ‘11 – Commence formal consenting process July ‘11 – Secure mandate Aug ‘11 – Construction works commences Feb ‘13 – Strata titles issued

  14. TODAY’S EXPENSES Banner for the event (est $50 courtesy of Murali)FOC Rental of tables & chairs, PA equipment (est) $300 Void Deck booking fee $ 66 Police permit FOC Total estimated cost $366

  15. Q&A Safeguarding, Enhancing & Improving Our Life Quality Through Privatization

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