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 at Jalan Jurong Kechil is only 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes are going to available soon.

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

A 999-year lease is practically 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 according to the developer) on freehold land are few and between. In the expiry from the lease, the non-governmental land owner gets the right to re-acquire the right time (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 can in a few years’ time when development on site to website 60-year leasehold residential land plot at Jalan Jurong Kechil is carried out.

Homes in Singapore are predominantly 99-year leasehold for the reason that government sells most arrives affinity at serangoon condo 99-year tenure due to land scarcity in this country. At the end of the lease period, the state can obtain the land without any compensation to the home buyers. Currently, the government doesn’t offer freehold land parcels for sales anymore, besides the sale of remnant State land to the adjoining landowner whose existing private land is already held within freehold title.

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

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

In addition, near finish of the lease period the State may need the land to get returned in its original health conditions. If so, demolition of buildings, land fillings, for instance. will have to be borne with current lessees.

For HDB flats, legally the flat will be returned to HDB in the end from the lease. HDB does don’t have to make any monetary compensation, or offer a substitute flat towards owners. The owners may also be required to get any fixtures fitting.