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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 get available early.

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 practically equivalent to freehold.

While 30-year-lease HDB studio apartments come in short supply and just 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 a lot between. In the expiry from 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 for their price.

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

Homes in Singapore are predominantly 99-year leasehold because the government sells most arrives at 99-year tenure due to land scarcity in america. At the end of the lease period, the state can acquire the land without any compensation to your home individuals. Currently, the government doesn't offer freehold land parcels for sales anymore, except for the sale of remnant State land to the adjoining landowner whose existing private land is already held inside freehold title.

However, topping up of 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 a case-by-case basis and get considered if for example the development is within line with Government's planning intentions, supported by relevant agencies, and creates land use intensification, mitigation of property decay and preservation of community. Generally if the extension is approved, a land premium, affinity serangoon decided by the Chief Valuer, will pay. The new lease will not exceed the original, the bootcamp will work as the shorter on the original or maybe the lease in line 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 health conditions. If so, demolition of buildings, land fillings, for instance. will have to be borne by the current lessees.

For HDB flats, legally the flat will be returned to HDB in the end for the lease. HDB does not have to make any monetary compensation, or offer a fresh one flat to your owners. Pet owners may also be required to get any fixtures fitting.