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 your initial 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes get available ultimately.

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

A 999-year lease is nearly equivalent to freehold.

While 30-year-lease HDB studio apartments are available short supply and basically meant for elderly home buyers.

Private developments with a 103-year lease period (the lease period is determined by the developer) on freehold land are few and a lot between. In the expiry for this lease, the non-governmental land owner have the right to re-acquire turned (i.e. reversionary right), sell the freehold tenure or extend the lease to your price.

Residential properties with 60-year lease are not available yet, but can in a few years’ time when development on the first 60-year leasehold residential land plot at Jalan Jurong Kechil is finished.

Homes in Singapore are predominantly 99-year leasehold ever since 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 buy the land with compensation for the home operators. Currently, the government does not offer freehold land parcels for sales anymore, except for the sale of remnant State land to the adjoining landowner whose existing private land is already held under a freehold bill.

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

Lessees may apply of a renewal from the lease without the pain . SLA (Singapore Land Authority). The granting of extension is on the case-by-case basis and seem considered when the development is in line with Government’s planning intentions, supported by relevant agencies, and results in land use intensification, mitigation of property decay and preservation of community. If ever the extension is approved, a land premium, decided from your Chief Valuer, will be charged. The new lease will not exceed the original, that’s why will work as the shorter of the original as well as lease in step with URA’s planning intention.

In addition, near the conclusion of the lease period the State may require land to get returned in its original 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 affinity at serangoon condo the end for the lease. HDB does not possess to make any monetary compensation, or offer an upgraded flat for the owners. Owners may even be required eradicate any fixtures fitting.