Freehold Residential Property: The Benefits of Acquiring One

Homes in Singapore come 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 possibly be available soon.

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

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

While 30-year-lease HDB studio apartments can be bought in short supply and just meant for elderly occupants.

Private developments with a 103-year lease period (the lease period is dependent upon the developer) on freehold land are few and far between. In the expiry of the lease, the non-governmental land owner delivers the right to re-acquire the right time (i.e. reversionary right), sell the freehold tenure or extend the lease of a price.

Residential properties with 60-year lease aren’t available yet, but can in several years’ time when development on the main 60-year leasehold residential land plot at Jalan Jurong Kechil is carried out.

Homes in Singapore are predominantly 99-year leasehold because the government sells most visits 99-year tenure due to land scarcity in this country. At the end of the lease period, the state can obtain the land with compensation to your home operators. Currently, the government doesn’t offer freehold land parcels for sales anymore, aside from the sale of remnant State land to the adjoining landowner whose existing private land affinity serangoon is already held inside freehold book.

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

Lessees may apply of a renewal of the lease the actual SLA (Singapore Land Authority). The granting of extension is on the case-by-case basis and get considered if the development open for line with Government’s planning intentions, sustained by relevant agencies, and creates 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, visualize new and different will work as shorter on the original and your lease in step with URA’s planning intention.

In addition, near the end of the lease period the State may have to have the land with regard to returned in its original health conditions. If so, demolition of buildings, land fillings, numerous others. 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 n’t have to make any monetary compensation, or offer a fresh one flat for the owners. The owners may be also required to take out any fixtures fitting.