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 at Jalan Jurong Kechil is the 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes get available in the.

Most housings in Singapore either in the latter group freehold or 99-year lease, with however making increase the bulk.

A 999-year lease is nearly equivalent to freehold.

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

Private developments with a 103-year lease period (the lease period is determined by the developer) on freehold land are few and between. affinity at serangoon the expiry of the lease, the non-governmental land owner gets right to re-acquire the land (i.e. reversionary right), sell the freehold tenure or extend the lease to your price.

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

Homes in Singapore are predominantly 99-year leasehold for the reason that government sells most hits 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 to the home webmasters. Currently, the government does not offer freehold land parcels for sales anymore, besides the sale of remnant State land to the adjoining landowner whose existing private land is already held inside freehold 7steps.

However, topping up of this 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 a case-by-case basis and tend to be considered 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. In case the extension is approved, a land premium, decided from your Chief Valuer, will be charged. The new lease will not exceed the original, however it will as the shorter belonging to the original and your lease in step with URA’s planning intention.

In addition, near the finish of the lease period the State may want the land become returned in the original 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 the lease. HDB does don’t have to make any monetary compensation, or offer a substitute flat for the owners. Pet owners may be also required to take out any fixtures fitting.