Freehold Residential Property: The Benefits of Acquiring One

Homes in Singapore come 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 the.

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

A 999-year lease will be equivalent to freehold.

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

Private developments with a 103-year lease period (the lease period is determined by the developer) on freehold land are few and far between. At the expiry for this lease, the non-governmental land affinity serangoon owner have the right to re-acquire dirt (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 is in a few years’ time when development on the main 60-year leasehold residential land plot at Jalan Jurong Kechil is completed.

Homes in Singapore are predominantly 99-year leasehold because the government sells most lands on 99-year tenure due to land scarcity in the united states. At the end of the lease period, the state can buy the land without any compensation into the home webmasters. Currently, the government doesn’t offer freehold land parcels for sales anymore, aside from the sale of remnant State land to the adjoining landowner whose existing private land is already held using a freehold book.

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

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

In addition, near finish of the lease period the State may have to have the land to be returned in the original complications. If so, demolition of buildings, land fillings, in addition to. will have to be borne by the current lessees.

For HDB flats, legally the flat will be returned to HDB in the end for this lease. HDB does canrrrt you create to make any monetary compensation, or offer a substitute flat to your owners. The owners may also be required to remove any fixtures fitting.