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 get available in a short time.

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

A 999-year lease is almost equivalent to freehold.

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

Private developments with a 103-year lease period (the lease period is according to the developer) on freehold land are few and affinity serangoon a lot 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 at a price.

Residential properties with 60-year lease aren’t available yet, but can in several years’ time when development on the first 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 lands on 99-year tenure due to land scarcity in america. At the end of the lease period, the state can choose the land any kind of compensation for the home webmasters. 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 book.

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

Lessees may apply to get renewal of the lease with the SLA (Singapore Land Authority). The granting of extension is on the case-by-case basis and seem considered if ever the development inside 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. When the extension is approved, a land premium, decided through the Chief Valuer, will be charged. The new lease will not exceed the original, that’s why will be the shorter for the original or the lease in step with URA’s planning intention.

In addition, near the end of the lease period the State may want the land with regard to returned in the original conditions. If so, demolition of buildings, land fillings, in addition to. 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 don’t have to make any monetary compensation, or offer an upgraded flat into the owners. Owners may also be required to remove any fixtures fitting.