Freehold Residential Property: The Features 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 most important 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes will be available in a short time.

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

A 999-year lease will be equivalent to freehold.

While 30-year-lease HDB studio apartments are presented in short supply and merely meant for elderly occupants.

Private developments with a 103-year lease period (the lease period is dependent upon the developer) on freehold land affinity serangoon are few and far between. At the expiry from the lease, the non-governmental land owner gets the right to re-acquire turned (i.e. reversionary right), sell the freehold tenure or extend the lease for a price.

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

Homes in Singapore are predominantly 99-year leasehold for the reason that government sells most visits 99-year tenure due to land scarcity in america. At the end of the lease period, the state can obtain the land without any compensation to your home buyers. 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 within freehold title.

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

Lessees may apply to get renewal among the lease that’s not a problem SLA (Singapore Land Authority). The granting of extension is on the case-by-case basis and seem considered generally if the development is within line with Government’s planning intentions, held by relevant agencies, and usually means that land use intensification, mitigation of property decay and preservation of community. If the extension is approved, a land premium, decided by the Chief Valuer, will pay. The new lease will not exceed the original, and it will as the shorter of the original or the lease in step with URA’s planning intention.

In addition, near the final of the lease period the State may want the land to get returned in the original health conditions. If so, demolition of buildings, land fillings, etc. will have to be borne together with current lessees.

For HDB flats, legally the flat will be returned to HDB at the end for this lease. HDB does don’t have to make any monetary compensation, or offer a fresh one flat to your owners. The owners may also be required to get any fixtures fitting.