SALE OF HOUSING AND DEVELOPMENT BOARD SHOPS

Mr Chng Hee Kok asked the Acting Minister for National Development if he will give an updated report on the sale of Housing and Development Board shops.

Mr Lim Hng Kiang: Mr Speaker, Sir, HDB started to sell its tenanted shops under the Sale of Tenanted Shops Scheme in June 1992. So far, HDB has successfully completed nine quarterly sales. The tenants' response towards the sales scheme has been overwhelming. Out of about 4,000 shops offered, 3,879 or 98% have been sold. HDB will continue to schedule the remaining 8,000 shops for sale over the next four years.

Mr Chng Hee Kok (Tampines GRC): Sir, I would like to ask the Minister whether in setting prices, the HDB takes into account the latest transacted price as in the market.

Mr Lim Hng Kiang: Sir, in setting the prices for sale, HDB valuers will look at the most recent tender prices near the area or in the surrounding area for comparison purposes. As a safeguard, HDB also appoints private valuers to value the shops for sale to the tenants. So there is a check to make sure that the price is a fair one.