Freehold Residential Property: The Benefits of Acquiring One

Homes in Singapore along 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 the 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes tend to be available ultimately.

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

A 999-year lease is nearly equivalent to freehold.

While 30-year-lease HDB studio apartments can be bought in short supply and are only meant for elderly residents.

Private developments with a 103-year lease period (the lease period is according to the developer) on freehold land are few and between. affinity at serangoon condo the expiry of the lease, the non-governmental land owner has the right to re-acquire ground (i.e. reversionary right), sell the freehold tenure or extend the lease of a price.

Residential properties with 60-year lease are not available yet, but will be 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 given that the government sells most arrives at 99-year tenure due to land scarcity in the united states. At the end of the lease period, the state can obtain the land with compensation to the home operators. 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 book.

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

Lessees may apply of a renewal for this lease without the pain . SLA (Singapore Land Authority). The granting of extension is on a case-by-case basis and seem considered when the development open for line with Government’s planning intentions, maintained by relevant agencies, and usually means that land use intensification, mitigation of property decay and preservation of community. If the extension is approved, a land premium, decided by the Chief Valuer, will be charged. The new lease will not exceed the original, the bootcamp will be the shorter of the original and your lease consistent with URA’s planning intention.

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

For HDB flats, legally the flat will be returned to HDB at the end from the lease. HDB does not have to make any monetary compensation, or offer an upgraded flat into the owners. Owners may be also required to get any fixtures fitting.