Freehold Residential Property: The Important things about 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 the 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes are going to available ultimately.

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

A 999-year lease will be equivalent to freehold.

While 30-year-lease HDB studio apartments are presented in short supply and basically meant for elderly occupants.

Private developments with a 103-year lease period (the lease period is a point of the developer) on freehold land are few and far between. In the expiry for this lease, the non-governmental land owner have the 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 in order to in a few years’ time when development on site to website 60-year leasehold residential land plot affinity at serangoon condo Jalan Jurong Kechil is accomplished.

Homes in Singapore are predominantly 99-year leasehold because the government sells most hits 99-year tenure due to land scarcity in this country. At the end of the lease period, the state can choose the land with compensation into the home operators. Currently, the government doesn’t offer freehold land parcels for sales anymore, aside from the sale of remnant State land to the adjoining landowner whose existing private land is already held using a freehold bill.

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

Lessees may apply for a renewal of the lease the actual SLA (Singapore Land Authority). The granting of extension is on a case-by-case basis and will be considered if for example the development is actually in line with Government’s planning intentions, supported by relevant agencies, and just ends up with land use intensification, mitigation of property decay and preservation of community. Generally if the extension is approved, a land premium, decided by the Chief Valuer, will be charged. The new lease will not exceed the original, that’s why will work as the shorter for the original or maybe the lease in line with URA’s planning intention.

In addition, near the final of the lease period the State may have to have the land become returned in the original types of conditions. If so, demolition of buildings, land fillings, etc. will have to be borne with current lessees.

For HDB flats, legally the flat will be returned to HDB at the end of this lease. HDB does don’t have to make any monetary compensation, or offer a fresh one flat to your owners. The owners may also be required get rid of any fixtures fitting.