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 most important 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes are going to available in a short time.

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

A 999-year lease will be equivalent to freehold.

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

Private developments with a 103-year lease period (the lease period is a point of the developer) on freehold land are few and between. In the expiry among the lease, the non-governmental land owner has the right to re-acquire ground (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 completed.

Homes in Singapore are predominantly 99-year leasehold given that 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 choose the land any kind of compensation to the home individuals. 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 book.

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

Lessees may apply for one renewal on the lease that’s not a problem SLA (Singapore Land Authority). The granting of extension is on a case-by-case basis and are considered if the development is actually in line with Government’s planning intentions, held by relevant agencies, and leads to land use intensification, mitigation of property decay and preservation of community. Generally if the extension is approved, a land premium, decided through the Chief Valuer, will be charged. The new lease will not exceed the original, however it will be the shorter on the original and your lease in step with URA’s planning intention.

In addition, near the final of the lease period the State may require the land become returned in the original complications. If so, demolition of buildings, land fillings, etc. will have to be borne coming from the current lessees.

For HDB flats, legally the flat will be returned to HDB in the end for the lease. HDB does n’t have to make any monetary compensation, or offer an upgraded flat into the owners. Owners may be required to remove any fixtures fitting.