Freehold Residential Property: The Advantages 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 affinity at serangoon condo Jalan Jurong Kechil is only 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes tend to be available in a short time.

Most housings in Singapore either set freehold or 99-year lease, with messy making the bulk.

A 999-year lease will be equivalent to freehold.

While 30-year-lease HDB studio apartments come into play short supply and are merely meant for elderly those resident.

Private developments with a 103-year lease period (the lease period is dependent upon the developer) on freehold land are few and between. At the expiry of the lease, the non-governmental land owner delivers the right to re-acquire turned (i.e. reversionary right), sell the freehold tenure or extend the lease at a price.

Residential properties with 60-year lease are not available yet, but in order to in several 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 lands on 99-year tenure due to land scarcity in this country. At the end of the lease period, the state can obtain the land with compensation to your home operators. Currently, the government does not offer freehold land parcels for sales anymore, with the the sale of remnant State land to the adjoining landowner whose existing private land is already held underneath a freehold bill.

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

Lessees may apply for one renewal on the lease without the pain . SLA (Singapore Land Authority). The granting of extension is on a case-by-case basis and seem considered if for example the development is in line with Government’s planning intentions, supported by relevant agencies, and creates land use intensification, mitigation of property decay and preservation of community. If ever the extension is approved, a land premium, decided by the Chief Valuer, will be charged. The new lease will not exceed the original, that’s why will as the shorter of your original or the lease in step with URA’s planning intention.

In addition, near the finish of the lease period the State may need the land become returned in the original conditions. 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 of this lease. HDB does not have to make any monetary compensation, or offer a substitute flat into the owners. Owners may also be required to remove any fixtures fitting.