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

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

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

While 30-year-lease HDB studio apartments can be bought in short supply and are merely meant for elderly owners.

Private developments with a 103-year lease period (the lease period is a point of the developer) on freehold land are few and a lot between. At the expiry for this lease, the non-governmental land affinity serangoon owner has 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 are not available yet, but will be in several years’ time when development on the very 60-year leasehold residential land plot at Jalan Jurong Kechil is accomplished.

Homes in Singapore are predominantly 99-year leasehold ever since the government sells most lands on 99-year tenure due to land scarcity in america. At the end of the lease period, the state can discover the land with compensation on the home owners. 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 inside freehold title.

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

Lessees may apply to get renewal on the lease that’s not a problem SLA (Singapore Land Authority). The granting of extension is on the case-by-case basis and get considered if ever the development is actually in line with Government’s planning intentions, sustained by relevant agencies, and usually means that land use intensification, mitigation of property decay and preservation of community. If ever the extension is approved, a land premium, decided along with Chief Valuer, will be charged. The new lease will not exceed the original, that’s why will as the shorter belonging to the original and your lease in accordance with URA’s planning intention.

In addition, near the end of the lease period the State may want the land to get returned in its original considerations. 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 canrrrt you create to make any monetary compensation, or offer a replacement flat into the owners. Owners may additionally be required to remove any fixtures fitting.