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 tend to be available early.

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

A 999-year lease is nearly equivalent to freehold.

While 30-year-lease HDB studio apartments are available short supply and merely 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. At the expiry for this lease, the non-governmental land owner gets right to re-acquire ground (i.e. reversionary right), sell the freehold tenure or extend the lease for their price.

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

Homes in Singapore are predominantly 99-year leasehold ever since the government sells most hits 99-year tenure due to land scarcity in the united states. At the end of the lease period, the state can buy the land without any compensation into the home operators. Currently, the government doesn’t 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 under a freehold headings.

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

Lessees may apply to get renewal on the lease the actual SLA (Singapore Land Authority). The granting of extension is on the case-by-case basis and tend to be considered when the development open for line with Government’s planning intentions, supported by relevant agencies, and leads to land use intensification, mitigation of property decay and preservation of community. If ever 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 work as the shorter on the original assaulted lease based on URA’s planning intention.

In addition, near finish of the lease period the State may need the land in order to become returned in the original conditions. If so, demolition of buildings, land fillings, in addition to. 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 not have to make any monetary compensation, or offer a substitute flat towards owners. Owners may even be required to get any fixtures fitting.