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 the 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes possibly be available in a short time.

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

A 999-year lease will be equivalent to freehold.

While 30-year-lease HDB studio apartments come in short supply and are only meant for elderly occupants.

Private developments with a 103-year lease period (the lease period is according to the developer) on freehold land are few and a lot between. At the expiry among the lease, the non-governmental land owner have the right to re-acquire ground (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 is in several years’ time when development on the main 60-year leasehold residential land plot affinity at serangoon Jalan Jurong Kechil is done.

Homes in Singapore are predominantly 99-year leasehold given government sells most hits 99-year tenure due to land scarcity in america. At the end of the lease period, the state can choose the land without any compensation to your home operators. Currently, the government does not 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 using a freehold book.

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

Lessees may apply for a renewal from 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 ever the development is within line with Government’s planning intentions, sustained 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 your Chief Valuer, will be charged. The new lease will not exceed the original, however it will function as shorter on the original or the lease in accordance with URA’s planning intention.

In addition, near finish of the lease period the State may want the land become returned in its original considerations. 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 at the end of this lease. HDB does not possess to make any monetary compensation, or offer property flat to your owners. Pet owners may even be required eradicate any fixtures fitting.