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 tend to be available in a short time.

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

A 999-year lease is practically equivalent to freehold.

While 30-year-lease HDB studio apartments are presented 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. In the expiry among the lease, the non-governmental land owner gets the right to re-acquire the land (i.e. reversionary right), sell the freehold tenure or extend the lease for their price.

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

Homes in Singapore are predominantly 99-year leasehold given 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 buy the land any kind of compensation into the home owners. 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 within freehold bill.

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

Lessees may apply of a renewal for this lease the actual SLA (Singapore Land Authority). The granting of extension is on the case-by-case basis and are considered if the development inside line with Government’s planning intentions, supported by relevant agencies, and creates land use intensification, mitigation of property decay and preservation of community. When the extension is approved, a land premium, decided from your Chief Valuer, will pay. The new lease will not exceed the original, that’s why will work as the shorter for the original assaulted lease consistent with URA’s planning intention.

In addition, near the conclusion of the lease period the State may want the land become returned in the original types of 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 affinity at serangoon the end from the lease. HDB does not possess to make any monetary compensation, or offer an upgraded flat for the owners. Owners may also be required to get any fixtures fitting.