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

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

A 999-year lease is close to equivalent to freehold.

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

Private developments with a 103-year lease period (the lease period is according to the developer) on freehold land are few and far between. In the expiry of the lease, the non-governmental land 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 in order to in a few years’ time when development on the very 60-year leasehold residential land plot at Jalan Jurong Kechil is carried out.

Homes in Singapore are predominantly 99-year leasehold ever since the government sells most hits 99-year tenure due to land scarcity in this country. At the end of the lease period, the state can discover the land with compensation for the home buyers. 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 within the lease of leasehold private housings is allowed.

Lessees may apply for a renewal for this lease a problem SLA (Singapore Land Authority). The granting of extension is on a case-by-case basis and are considered when the development is within line with Government’s planning intentions, held by relevant agencies, and results in land use intensification, mitigation of property decay and preservation of community. In case the extension is approved, a land premium, decided through the Chief Valuer, will pay. The new lease will not exceed the original, the bootcamp will be the shorter on the original assaulted lease in line with URA’s planning intention.

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

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