In 2017, Singapore saw the end of the Housing and Urban Development Company (HUDC) scheme. That was when Braddell View, the last of the remaining HUDC estates, was privatised. In that same year, no less than four HUDC estates went en-bloc; a development that showed the strength of demand for their locations.
Fast forward till today, and it seems that almost every HUDC estate has been redeveloped, or is in some stage of collective sale negotiations. This week, we took a look at what’s become of these former HUDC estates – and if any of them bear watching as investable properties:
What is an HUDC estate?
The HUDC estate was a precursor to later “sandwiched housing” schemes, such as the Design, Build, and Sell Scheme (DBSS), and still ongoing Executive Condominium (EC) scheme.
The scheme started in 1974, and featured flats that were larger than their regular counterparts. While we’re unable to obtain the floor plans, real estate agents and analysts estimate unit sizes at between 1,500 sq. ft. to 1,700 sq.ft – gigantic even by the standards of older HDB flats.
Besides being larger, some of the HUDC estates had interesting quirks. For example, the original Normanton Park – which was built in 1977 – was exclusively for SAF personnel at launch.
The HUDC estates were built in four phases, from 1974 through to 1987. However, only the estates built in the first two phases – from 1974 to around 1982 – were actually developed by HUDC.
HUDC estates in the last two phases – from 1982 to 1987 – were developed by HDB, despite keeping the HUDC label.
In 1995, the Singapore government moved to privatise the HUDC estates.
This freed the properties of HDB-style restrictions, such as the Minimum Occupation Period (MOP). It also allowed for developers to launch collective sales of HUDC estates, and this quickly marked them out as gold mines.
The most notable ones have been:
- Farrer Court, now D’Leedon, that sold for $1.3 billion (the highest on record)
- Tampines Court, now Treasure at Tampines, that sold for $970 million
- Normanton Park, now…well, also named Normanton Park, for $830 million
- Eunosville, now Parc Esta, that sold for $765 million
The move to privatise public property was a big deal at the time, and sent shockwaves through the real estate market. Some flat owners felt that this was how the government would fix the 99-year lease problem: by allowing private developers to buy the older flats.
Today we know that’s not the case*. However, you can see the HUDC estates’ privatisation as a precursor to today’s ECs, which are privatised after their first 10 years.
*For now, at least, there’s no sign that the government intends to let private developers make collective sales of HDB flats. In the future, we will never know…
There are reportedly 18 HUDC estates totalling about 7,730 to 7,750 units; but the exact number is a bit confused.
This is partly because HUDC also obtained other units from private developments. For instance, HUDC acquired 60 units at the former Pearl Bank back in 1978 (not that it matters much now as most of those units – like Pearl Bank itself – are long since demolished).
We’ve heard of everything from 19 to 22 HUDC estates; but the official number, based on our inquiries, is 18.
Still, we managed to count 20. If you do know of any more, please do drop us a message on Facebook, and it would be much appreciated:
| Estate | Location | Phase | Privatisation | Status |
| Farrer Court | Bukit Timah | I | 2002 | Now D’Leedon |
| Lakeview Estate | Bishan | I (1977) | 2003 | Unchanged |
| Laguna Park | Marine Parade | I (1977) | 2007 | Unchanged |
| Normanton Park | Queenstown | 1 (1977) | Unknown but it went en-bloc in 2017 | Redeveloped, but still named Normanton Park |
| Amberville | Marine Parade | 2 (1980) | 2002 | Now Silversea |
| Anthony Garden | Newton | 2 | Redeveloped before privatisation, reasons unknown | Now Orchard Scotts |
| Braddell View | Toa Payoh | 2 (1981) | 2017 | Unchanged |
| Chancery Court | Novena | 2 (1981) | 2014 | En-bloc but no announcement yet |
| Gillman Heights | Bukit Merah | 3 (1984) | 1996 | Now The Interlace |
| Ivory Heights | Jurong East | 3 (1986) | 1998 | Unchanged |
| Minton Rise | Hougang | 3 (1984) | 2001 | Now The Minton |
| Pine Grove | Bukit Timah | 3 (1984) | 1996 | Unchanged |
| Waterfront View | Bedok | 3 | 2002 | Demolished |
| Eunosville | Geylang | 4 | 2011 | Now Parc Esta |
| Rio Casa | Hougang | 4 | 2014 | Now Riverfront Residences |
| Florence Regency | Hougang | 4 | 2014 | Now The Florence Residences |
| Potong Pasir HUDC estate | Toa Payoh | 4 | 2014 | Now The Tre Ver |
| Serangoon Ville | Serangoon | 4 | 2014 | Affinity At Serangoon |
| Shunfu Ville | Bishan | 4 (1985) | 2013 | Now JadeScape |
| Tampines Court | Tampines | 4 (1985) | 2002 | Now Treasure at Tampines |
What’s the state of the redeveloped HUDC estates today?
The following condos are from former HUDC estates:
- D’Leedon
- Normanton Park
- Silversea
- Orchard Scotts
- The Interlace
- The Minton
- Parc Esta
- Riverfront Residences
- The Florence Residences
- The Tre Ver
- Affinity at Serangoon
- JadeScape
- Treasure at Tampines
1. D’Leedon
Location: Leedon Heights (District 10)
Developer: CapitaLand Limited
Tenure: 99-years from 2010
Completion: 2015
Number of units: 1,703
We have a full review of D’Leedon on Stacked Homes.
D’Leedon is noted for its significant size, at 840,409 sq ft, with 1,715 units. In 2014, it was a highlight development due to its record-breaking land price of $1.3 billion. D’Leedon is also very close to Farrer Road MRT station, at just around a seven-minute walk.
Square Foot Research gives an indicative price range of $1,363 to $1,779 psf, with an average price of $1,605 psf.
There have been 178 profitable transactions, with 40 unprofitable transactions.
2. Normanton Park
Location: Normanton Park (District 5)
Developer: Kingsford Huray
Tenure: 99-years leasehold
Completion: Dec 2023
Number of units: 1,862
We have a full review of Normanton Park on Stacked Homes.
Normanton Park is one of the latest mega-developments (and perhaps the only one of 2021). While it’s not near any MRT station, the bus stop right outside Normanton Park is just two or three stops from the One-North tech hub, where you can find the One-North MRT station.
Normanton Park is now the dominant residential site catering to Fusionopolis, Biopolis, the JTC LaunchPad, etc. It is also close to education institutes like INSEAD. As such, the development boasts high rentability, and is drawing investor attention.
Charts are not yet available, as Normanton Park launched only three days prior to the time of writing. News sources state the sale of 600 of 1,862 units, at a reported average price of $1,750 psf.
3. Silversea
Location: Marine Parade Road (District 15)
Developer: Marina Green Limited
Tenure: 99-years from 2007
Completion: 2014
Number of units: 383
Silversea has long been a favourite rental spot for expatriates on the East Coast. This condo is next to Parkway Parade (around where the roundabout is located), and is 21-storeys tall while overlooking East Coast beach.
This condo is expected to benefit significantly from the upcoming Marine Parade MRT station, which is right in front of Parkway Parade. However, Silversea is located in a cluster of condos, and competition is high among landlords here.
Square Foot Research gives an indicative price range of $1,376 to $1,703 psf, with an average price of $1,597 psf.
There have been 83 profitable transactions, and 22 unprofitable transactions.
4. Orchard Scotts
Location: Anthony Road (District 9)
Developer: Golden Development Pte. Ltd.
Tenure: 99-years from 2001
Completion: 2007
Number of units: 387
Orchard Scotts got off to a strong start – when it was completed in 2007, it was one of the few developments that could boast close proximity (five minutes’ walk) to Newton MRT station.
In recent years however, this condo has seen mounting competition from developments like Kopar at Newton. Also, given that Orchard Scotts is soon reaching its 20th year, there’s some expectation of poached tenants from the new upstarts.
Nonetheless, Orchard Scotts continues to be a rental hotspot, for expatriates who need to be close to the CBD.
Square Foot Research gives an indicative price range of $1,282 to $1,578 psf, with an average price of $1,425 psf.
There have been 18 profitable transactions, and 31 unprofitable transactions.
5. The Interlace
Location: Depot Road (District 4)
Developer: Golden Development Pte. Ltd.
Tenure: 99-years from 2009
Completion: 2013
Number of units: 1,040
We have a full review of The Interlace on Stacked Homes.
The Interlace is an iconic building for its architecture, which resembles a “sprawl” of disconnected blocks rather than the usual towers and rectangles. While counterintuitive, this is actually a clever layout: it ensures every block has an unobstructed view of the surroundings, and that the development has an “open” village feel.
While there is, unfortunately, no MRT station nearby, The Interlace is a comfortably priced option for living in the mature Alexandra / Queenstown area. It’s also in the middle of a designated “green belt”, which makes it a favourite among residents who dislike Singapore’s usual dense urban settings.
Square Foot Research gives an indicative price range of $817 to $1,387 psf, with an average price of $1,227 psf.
There have been 299 profitable transactions, and 16 unprofitable transactions.
6. The Minton
Location: Hougang Street 11 (District 19)
Developer: Peak Garden Pte. Ltd.
Tenure: 99-years from 2007
Completion: 2013
Number of units: 1,145
The Minton isn’t great if you use public transport: there’s no MRT station nearby, and a lack of immediate amenities (other than some HDB blocks, there isn’t much to see either). However, everything changes if you drive.
Then The Minton becomes great, because it’s only a four-minute drive to NEX (1.1-kilometre distance) and the adjoining Serangoon MRT station. The prices are also quite good, given the proximity to this Mega-Mall.
It’s also nice that Paya Lebar Methodist Girls School (Primary and Secondary) are both just a seven-minute walk away.
Square Foot Research gives an indicative price range of $787 to $1,266 psf, with an average price of $1,060 psf.
There have been 246 profitable transactions, and 16 unprofitable transactions.
7. Parc Esta
Location: Sims Avenue (District 14)
Developer: MCL Land Pte. Ltd.
Tenure: 99-years
Completion: Est. 2022
Number of units: 1,399
We have a full of review of Parc Esta on Stacked Homes.
Hands-down one of the best located condos, among 2020’s new launches; and by the time you’re reading this it’s sold out. Parc Esta is directly across the street from Eunos MRT station, where you’ll also find two hawker centres, and clinics within the actual station.
The biggest boon to Parc Esta, however, comes from the adjoining neighbourhood. Paya Lebar Quarter (PLQ) is a new commercial hub, and this is just one train stop away from Eunos MRT (and without the dizzying prices at PLQ itself).
The last known developer price showed a median of $1,699 psf, a high of $1,801 psf, and a low of $1,635 psf. At the time of writing, Parc Esta is sold out. The project is expected to be completed by 2022.
8. Riverfront Residences
Location: Hougang Avenue 7 (District 19)
Developer: Oxley-Lian Beng Venture Pte Ltd.
Tenure: 99-years
Completion: Est. 2024
Number of units: 1,399
Riverfront Residences is likely to be viewed as an alternative to Kingsford Waterbay, another development that fronts the Serangoon River. The two developments are roughly within a kilometre of each other; but Kingsford Waterbay is closer to Serangoon Secondary School and a cluster of condos, while Riverfront Residences is nestled near HDB blocks and is closer to Hougang Mall.
Honestly, the two are almost neck-and-neck in terms of facilities and amenities; so anyone interested in this location should see both.
The last known developer price showed a median of $1,458 psf, a high of $1,490 psf, and a low of $1,139 psf. At the time of writing, Riverfront Residences is 92 per cent sold out. The project is expected to be completed by 2024.
9. The Florence Residences
Location: Hougang Avenue 2 (District 19)
Developer: Florence Development Pte Ltd.
Tenure: 99-years from 2018
Completion: Est. 2022
Number of units: 1,410
We have a full review of The Florence Residences on Stacked Homes.
Florence Residences is geared toward family buyers, with an eye toward owner-occupancy. The key highlights are the extensive facilities, thanks to a land plot measuring about 1,081,470 sq. ft. Lap pools, hydrotherapy pools, 1:1 car park ratios, Karaoke facilities and full library…this is almost an attempt to replicate an HDB town in miniature. (You could say it’s true to its predecessor).
Accessibility is a little bit wanting: The Florence Residences is somewhere between Kovan and Hougang MRT stations, neither of which is in walking distance. At least Serangoon Junior College is very close by – about a three-minute walk. But beyond that, you should be prepared to drive out for other needs.
The last known developer price showed a median of $1,625 psf, a high of $1,696 psf, and a low of $1,515 psf. At the time of writing, The Florence Residences is 67 per cent sold out. The project is expected to be completed by 2022.
10. The Tre Ver
Location: Potong Pasir Ave 1 (District 13)
Developer: UVD (Projects) Pte Ltd.
Tenure: 99-years from 2018
Completion: Est. 2022
Number of units: 729
The Tre Ver is just 10 minutes from The Woodleigh MRT station, where we’re also seeing an upcoming integrated development (The Woodleigh Residences). This actually compliments The Tre Ver nicely:
The Woodleigh Residences currently averages around $2,320 psf, much higher compared to The Tre Ver at just $1,761 psf. Buyers at The Tre Ver may decide – correctly in our opinion – that this project is a value buy, given they’ll be just two minutes’ drive to The Woodleigh Residences.
Some buyers may also dislike how “busy” The Woodleigh Residences is (the development even has the neighbourhood police centre within it). These buyers are almost certain to zero in on the Tre Ver, as their next alternative.
Unfortunately, after saying so much…it’s sold out. Sorry. But do keep an eye out for resale options here later.
The last known developer prices were at $1,761 psf with few deviations. At the time of writing, The Tre Ver is sold out. The project is expected to be completed by 2022.
11. JadeScape
Location: Shunfu Road (District 20)
Developer: Qingjian Realty Pte. Ltd.
Tenure: 99-years
Completion: Est. 2023
Number of units: 1,206
We have a full review of JadeScape on Stacked Homes.
JadeScape has smart home features as a key part of its appeal (do see our full review); but to be blunt, this condo is an easy sell due to its location.
It’s about seven minutes-walk to Marymount MRT station, and a 10-minute walk to a well-known stretch of cafes and eateries along Upper Thomson. The heavily built-up amenities of Bishan, including Junction 8 mall, are only about a five-minute drive from JadeScape.
A median price of $1,785 psf is not what you could call cheap – but you get what you pay for. Within the area, there’s not much on par with JadeScape in terms of location and facilities.
The last known developer price showed a median of $1,785 psf, a high of $1,941 psf, and a low of $1,653 psf. At the time of writing, JadeScape is 90 per cent sold out. The project is expected to be completed by 2023.
12. Affinity at Serangoon
Location: Serangoon North Avenue 1 (District 19)
Developer: Oxley Holdings Ltd.
Tenure: 99-years
Completion: Est. 2024
Number of units: 1,052
Affinity at Serangoon is the new development that is built over the existing Serangoon Ville that was bought in a collective sale by Oxley Holdings for $499 million in 2017. It consists of 7 14-storey blocks with a total of 1,052 units. At the time of writing, it is almost majorly sold, with a current take up rate of 81.9 per cent.
It was launched in Jan 2019 at a median psf of $1,496, which has increased to its current sale psf of $1,577.
Other than its price, it isn’t actually very near an MRT station, with Kovan MRT being the nearest but not necessarily a walkable distance away. It also has a ton of new launch competition in the area, with Garden Residences close by, and The Florence Residences and Riverfront Residences situated close by.
13. Treasure at Tampines
Location: Tampines Street 11 (District 18)
Developer: Sim Lian Group
Tenure: 99-years
Completion: Est. 2023
Number of units: 2,203
Treasure at Tampines is the largest condo development in Singapore to date. It’s also the most competitively priced development right now. Many units have a quantum below $1 million, and the pricing feels more like an Executive Condominium than a fully private property.
The large number of units (2,203) is both a pro and con. On the upside, it helps to keep maintenance fees down, as the cost is spread out over more homes
On the downside, the sheer number of units can be off-putting to investors. It raises the risk of competition within the development, when you eventually decide to rent or sell. For pure home buyers, one common gripe is that the high number of units could mean overcrowded facilities, as well as noise.
The few remaining HUDC estates aren’t likely to stick around
Word on the ground is that almost all of them are seeking an en-bloc, or are already in the process. Given that developers are seeing their land banks run dry, we’d say there’s better prospects for a collective sale this year than the last.
Do follow us on Stacked, so we can keep you updated on the coming changes.
The post 13 Former HUDC Estates: How Are They Doing Now? appeared first on Property Blog Singapore – Stacked Homes.
