Freehold Residential Property: The Advantages of Acquiring One

Homes in Singapore along with different lease periods:

30-year lease (HDB studio apartments)

60-year lease (private housings)

99-year lease (executive condominiums, private housings, all HDB flats except for studio apartments)

103-year lease (private housings) (Theses houses sit on freehold land owned by private developers.)

999-year lease (private housings)

Freehold (private housings)

*A land at Jalan Jurong Kechil is your initial 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes get available in a short time.

Most housings in Singapore either in the latter group freehold or 99-year lease, with disorderly making up the bulk.

A 999-year lease is close to equivalent to freehold.

While 30-year-lease HDB studio apartments come in short supply and just meant for elderly those resident.

Private developments with a 103-year lease period (the lease period is a point of the developer) on freehold land are few and far between. At the expiry from the lease, the non-governmental land owner gets right to re-acquire dirt (i.e. reversionary right), sell the freehold tenure or extend the lease for their price.

Residential properties with 60-year lease are not available yet, but is in several years’ time when development on preliminary 60-year leasehold residential land plot at Jalan Jurong Kechil is done.

Homes in Singapore are predominantly 99-year leasehold given government sells most arrives at 99-year tenure due to land scarcity in this country. affinity at serangoon condo the end of the lease period, the state can choose the land without any compensation to the home buyers. Currently, the government does not offer freehold land parcels for sales anymore, apart from the sale of remnant State land to the adjoining landowner whose existing private land is already held under a freehold 7steps.

However, topping up belonging to the lease of leasehold private housings is allowed.

Lessees may apply to get renewal for this lease a problem SLA (Singapore Land Authority). The granting of extension is on a case-by-case basis and are considered if ever the development open for line with Government’s planning intentions, supported by relevant agencies, and usually means that land use intensification, mitigation of property decay and preservation of community. If ever the extension is approved, a land premium, decided from your Chief Valuer, will be charged. The new lease will not exceed the original, and it will be the shorter of the original as well as lease in step with URA’s planning intention.

In addition, near finish of the lease period the State may want the land to get returned in the original considerations. If so, demolition of buildings, land fillings, numerous others. will have to be borne with current lessees.

For HDB flats, legally the flat will be returned to HDB at the end from the lease. HDB does not have to make any monetary compensation, or offer an upgraded flat towards owners. Pet owners may also be required get rid of any fixtures fitting.