Freehold Residential Property: The Important things about 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 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 tend to be available in a short time.

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

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

While 30-year-lease HDB studio apartments come in short supply and basically 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 far between. At 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 for a price.

Residential properties with 60-year lease aren’t available yet, but in order to in a few years’ time when development on site to website 60-year leasehold residential land plot at Jalan Jurong Kechil is finished.

Homes in Singapore are predominantly 99-year leasehold because the government sells most lands on 99-year tenure due to land scarcity in the united states. At the end of the lease period, the state can buy the land with compensation on the home individuals. Currently, the government does not 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 inside freehold book.

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

Lessees may apply for renewal among the lease a problem SLA (Singapore Land Authority). The granting of extension is on the case-by-case basis and are considered when the development is actually in line with Government’s planning intentions, maintained relevant agencies, and usually means that land use intensification, mitigation of property decay and preservation of community. Generally if the extension is approved, a land premium, decided from your Chief Valuer, will pay. The new lease will not exceed the original, that’s why will be the shorter for the original and your lease consistent with URA’s planning intention.

In addition, near the end of the lease period the State may need the land become returned in the original health conditions. If so, demolition of buildings, land fillings, for instance. 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 canrrrt you create to make any monetary compensation, or offer a replacement flat to your owners. The owners may even be required to get any fixtures fitting.