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Freehold Residential Property: The Reasons why you are Acquiring One

Homes in Singapore come 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 only 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes tend to be available soon.

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

A 999-year lease is almost equivalent to freehold.

While 30-year-lease HDB studio apartments come into play short supply and basically meant for elderly owners.

Private developments with a 103-year lease period (the lease period is dependent upon the developer) on freehold land are few and much between. affinity at serangoon condo the expiry among the lease, the non-governmental land owner have the right to re-acquire the right time (i.e. reversionary right), sell the freehold tenure or extend the lease to your price.

Residential properties with 60-year lease are not available yet, but is in several years' time when development on the main 60-year leasehold residential land plot at Jalan Jurong Kechil is done.

Homes in Singapore are predominantly 99-year leasehold given government sells most hits 99-year tenure due to land scarcity in america. At the end of the lease period, the state can choose the land with compensation to the home owners. Currently, the government doesn't offer freehold land parcels for sales anymore, with the the sale of remnant State land to the adjoining landowner whose existing private land is already held using a freehold title.

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

Lessees may apply to get renewal among the lease the actual SLA (Singapore Land Authority). The granting of extension is on a case-by-case basis and will be considered when the development is within line with Government's planning intentions, maintained by relevant agencies, and results in land use intensification, mitigation of property decay and preservation of community. If ever the extension is approved, a land premium, decided by the Chief Valuer, will pay. The new lease will not exceed the original, however it will function as shorter of your original or maybe the lease in line with URA's planning intention.

In addition, near the end of the lease period the State may require land in order to become returned in the original considerations. If so, demolition of buildings, land fillings, and many others. will have to be borne the particular 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 replacement flat to your owners. Pet owners may even be required eradicate any fixtures fitting.