You will have noticed a new addition to my Resources blogpage – Florence Regency. This is where my family is staying at and it seems like the Enbloc fever has finally caught up to them. The former HUDC estate at Hougang Ave 2 was privatized in 2014 and it was a matter of time before the Enbloc process started. After all, it’s an old estate and owners are keen to monetise their now privatised double-storey mansionette flats. They are big and spacious, which are rare in the new age of small flats and apartments.
I would have preferred for my family to continue staying there since it’s difficult to find a comparable place in size and location to move to in the current property environment. However, I understand my sister and brother will move out eventually and the flat is too big for my mum to upkeep. Especially when my dad mostly stays on the farm in Malaysia. Besides, the lure of a potential windfall is strong and a significant sum of money could be expected. Even after taking into account the purchase of a 4 or 5 room flat in the area or a different part of Singapore.
If the Enbloc process is successful and the collective sale goes ahead, it would certainly juice up my parents’ retirement funds. In addition to my mum’s part-time job income, the CPF Life payouts and Malaysia condominium rental income, this will help to alleviate the need for financial support from my siblings and I. Anyway, we already give monthly cash allowances to my parents and they are more than self-sufficient.
In any Enbloc process, the level of co-operation between the owners and committee is essential in ensuring its success. So far, they have been working relatively well together and I hope this continues. Unnecessary delays will be detrimental and it’s important that everyone is aware of that. The other key consideration is the timing in purchasing another flat. Let’s not forget that my family still needs a place to stay in and ideally not have to rent if the collective sale goes ahead. My role in this is limited because I have already moved out. I trust the capabilities of my siblings and parents to be able to coordinate this in their favour.
This is the reason why I added the Florence Regency WordPress Blog. It’s for me to monitor any updates and news in relation to the Enbloc process. At the same time, I should start looking at the prices and locations of suitable 4 or 5 rooms in areas that my family is interested to stay in. Preparation for any outcome is critical in ensuring that my family doesn’t get caught out. Even if the Enbloc process fails, it just means that nothing happens for my family and it’s business as usual. If the Enbloc process succeeds, then everything changes and I hope we are ready.