Tuesday, October 6, 2009

Completion of Privatisation of Lakeview HUDC Estate on 1 Aug 03

1. The Lakeview HUDC Estate has completed the privatisation process and been converted into a strata titled estate under the Land Titles (Strata) Act, with effect from 1 Aug 2003. From now on, the estate will no longer be governed by the HUDC Housing Estates Act.

2. With the conversion to a strata titled property, the Management Corporation Strata Title Plan No. 2784 is constituted on the same day to manage and maintain the common property of the estate. As provided in 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. The Lakeview Estate comprises a total of 240 units of flats at Blocks 97A, 97B and 97C Upper Thomson Road. It is one of the Phases I/II HUDC estates developed by the former Housing & Urban Development Company (HUDC) Private Limited in the 1970s. In 1986, the Phases I/II HUDC estates were brought under the ambit of the HUDC Housing Estates Act to establish their own Management Committee to take over the maintenance and management of the estates from HDB.

4. With the privatisation, the flat owners of Lakeview Estate 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 as part of the Government's effort to meet the rising aspirations of Singaporeans for better housing. It also enables the lessees to have better control over the management and improvement to their estate. Under the privatisation exercise, HUDC lessees in the designated estates 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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