Freehold Residential Property: The Reasons why you are 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 in a short time.

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

A 999-year lease is almost equivalent to freehold.

While 30-year-lease HDB studio apartments come into play short supply and basically meant for elderly home buyers.

Private developments with a 103-year lease period (the lease period is contingent on the developer) on freehold land are few and a lot between. affinity at serangoon the expiry belonging to the lease, the non-governmental land owner gets right to re-acquire the right time (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 always be 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 given that the government sells most visits 99-year tenure due to land scarcity in america. At the end of the lease period, the state can buy the land without any compensation to the home individuals. 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 within freehold headings.

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

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

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

For HDB flats, legally the flat will be returned to HDB at the end for the lease. HDB does not have to make any monetary compensation, or offer a replacement flat for the owners. Pet owners may also be required to remove any fixtures fitting.