Freehold Residential Property: The Benefits of Acquiring One

Homes in Singapore include 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 most important 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes are going to available ultimately.

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

A 999-year lease is practically equivalent to freehold.

While 30-year-lease HDB studio apartments are available short supply and are only meant for elderly occupants.

Private developments with a 103-year lease period (the lease period is dependent upon the developer) on freehold land are few and much between. In the expiry belonging to the lease, the non-governmental land owner have the right to re-acquire ground (i.e. reversionary right), sell the freehold tenure or extend the lease to your price.

Residential properties with 60-year lease aren’t available yet, but in order to in a few years’ time when development on site to website 60-year leasehold residential land plot at Jalan Jurong Kechil is completed.

Homes in Singapore are predominantly 99-year leasehold given government sells most visits 99-year tenure due to land scarcity in america. At the end of the lease period, the state can discover the land without any compensation for the home webmasters. Currently, the government does not offer freehold land parcels for sales anymore, except for the sale of remnant State land to the adjoining landowner whose existing private land is already held under a freehold book.

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

Lessees may apply for a renewal from the lease that’s not a problem SLA (Singapore Land Authority). The granting of extension is on a case-by-case basis and seem considered if the development is in line with Government’s planning intentions, sustained by relevant agencies, and results in land use intensification, mitigation of property decay and preservation of community. Generally if the extension is approved, a land premium, decided through the Chief Valuer, will be charged. The new lease will not exceed the original, affinity serangoon however it will function as shorter for the original or the lease in line with URA’s planning intention.

In addition, near the end of the lease period the State may require land become returned in the original health conditions. If so, demolition of buildings, land fillings, for instance. will have to be borne by the current lessees.

For HDB flats, legally the flat will be returned to HDB in the end for the lease. HDB does not possess to make any monetary compensation, or offer a replacement flat to the owners. Owners may be required get rid of any fixtures fitting.