SINGAPORE will privatise two projects under the Housing and Urban Development Co in order to meet the increasing aspirations of its citizens to upgrade to private property.
The government has designated Pine Grove and Gillman Heights estates as a pilot project for the conversion, which will see the leases of the flats in the two estates converted to strata title.
Singapore commissioner in Hong Kong, See Chak Mun, said the move was to cater to the middle class and was part of the social policy of the country to keep up with the aspirations of the people.
He said the move would make it easier for the flats to be upgraded to condominium status, with self-management, higher property values and a higher standard of living.
Under the privatisation scheme, Hong Kong immigrants have another option - buying HUDC flats that are comparable to private properties, but less expensive.
Owners of the HUDC flats can sell their properties to foreigners if the building is at least six storeys high.
About 6,500 Hong Kong families have moved to Singapore.