Tuesday, October 6, 2009

Completion of privatisation of Laguna Park HUDC Estate

1. The Laguna Park HUDC Estate has completed the privatisation process and been converted into a strata titled estate under the Land Titles (Strata) Act, with effect from 16 Jul 2007. From now on, the estate will no longer be governed by the HUDC Housing Estates Act.

2. With the conversion to a strata titled development, the Management Corporation Strata Title Plan No. 3271 is constituted on the same day to manage and maintain the common property of the estate. As provided under the Land Titles Strata Act (LTSA), the existing Management Committee assumes the role of the council of the Management Corporation and the committee members are deemed to have been elected as the council members.

3. Laguna Park comprises a total of 528 units at Blocks 5000A to 5000G Marine Parade Road, with 516 apartments and 12 shops. It is one of the Phases I/II HUDC estates developed by the former Housing & Urban Development Company (HUDC) Private Limited and was completed in 1977/1978. In 1986, Phases I/II HUDC estates were brought under the ambit of the HUDC Housing Estates Act to set up their own Management Committee to take over the maintenance and management of the estates from HDB.

4. With the privatisation, the individual owners of Laguna Park now own their respective strata units as well as the common property as tenants-in-common.

5. Privatisation of HUDC estates was announced in 1995. It enables the lessees to have better control over the management and improvement of their estate. Under the privatisation exercise, lessees in a designated HUDC estate can convert their leases to strata titles, if at least 75% of the lessees support the exercise.

Team Marshe
Martin Koh/ Sherry Tang
9383-3992/ 9844-4400
www.marshe.net
www.malaysia-properties.webs.com

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