Freehold Residential Property: The Features 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 first 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes possibly be available in the.

Most housings in Singapore either set freehold or 99-year lease, with the latter making up 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 merely meant for elderly those resident.

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 among the lease, the non-governmental land owner gets right to re-acquire dirt (i.e. reversionary right), sell the freehold tenure or extend the lease for a price.

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

Homes in Singapore are predominantly 99-year leasehold given that the government sells most lands on 99-year tenure due to land scarcity in this country. At the end of the lease period, the state can buy the land with compensation on the home buyers. 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 is already held under a freehold headings.

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

Lessees may apply of a renewal from the lease with the SLA (Singapore Land Authority). The granting of extension is on the case-by-case basis and tend to be considered if ever the development is actually in line with Government’s planning intentions, maintained by relevant agencies, and leads to land use intensification, mitigation of property decay and preservation of community. When the extension is approved, a land premium, decided by the Chief Valuer, will be charged. The new lease will not exceed the original, visualize new and different will work as the shorter on the original as well as lease in step with URA’s planning intention.

In addition, near the final of the lease period the State may need the land become returned in its original complications. If so, demolition of buildings, land fillings, for instance. will have to be borne by 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. The owners may be required to take out any fixtures fitting.