31 Oct '13, 9am

Joo Chiat will be Singapore's only full all-private property district? You might want to take note!

Joo Chiat is set to become the first all-private-property constituency in Singapore when its remaining four HDB blocks undergo demolishment under the Selective En Bloc Redevelopment Scheme. The four HDB blocks along East Coast Road are 48 years old and have a total of 129 housing units. These are home to 1% of the single member constituency's 37,000 residents and those living in the flats will be resettled. According to Mr Charles Chong, the Member of Parliament for Joo Chiat, he said his residents are generally worried about rising health-care costs, and receive little in government help because their property values are too high. These residents are considered a growing group of asset-rich and cash-poor retirees. To help these residents, Mr Chong has encouraged these retirees with options such as taking up a reverse mortgage with a loan against their property in order to...

Full article: http://www.iproperty.com.sg/news/7820/Joo-Chiat-to-become...

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