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 affinity at serangoon condo Jalan Jurong Kechil is the first 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes will be available soon.

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

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

While 30-year-lease HDB studio apartments come in short supply and 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 between. At 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 site to website 60-year leasehold residential land plot at Jalan Jurong Kechil is completed.

Homes in Singapore are predominantly 99-year leasehold ever since the government sells most lands on 99-year tenure due to land scarcity in this country. At the end of the lease period, the state can acquire the land with compensation into the home owners. Currently, the government does not offer freehold land parcels for sales anymore, apart from 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 for a renewal of the lease with the SLA (Singapore Land Authority). The granting of extension is on the case-by-case basis and are considered if the development open for line with Government’s planning intentions, held by relevant agencies, and results in land use intensification, mitigation of property decay and preservation of community. In case the extension is approved, a land premium, decided along with Chief Valuer, will pay. The new lease will not exceed the original, however it will function as shorter of your original as well as lease in line with URA’s planning intention.

In addition, near finish of the lease period the State may need the land with regard to returned in its original conditions. If so, demolition of buildings, land fillings, for instance. will have to be borne by the current lessees.

For HDB flats, legally the flat will be returned to HDB at the end of the lease. HDB does not possess to make any monetary compensation, or offer property flat towards owners. Owners may additionally be required to take out any fixtures fitting.