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Freehold Residential Property: The Reasons why you are 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 affinity at serangoon Jalan Jurong Kechil is your initial 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes possibly be available ultimately.

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

A 999-year lease is nearly equivalent to freehold.

While 30-year-lease HDB studio apartments are available short supply and are only meant for elderly residents.

Private developments with a 103-year lease period (the lease period is dependent upon the developer) on freehold land are few and far between. At the expiry belonging to the lease, the non-governmental land owner have 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 always be in several years' time when development on the main 60-year leasehold residential land plot at Jalan Jurong Kechil is carried out.

Homes in Singapore are predominantly 99-year leasehold ever since 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 discover the land any kind of compensation for the home buyers. 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 under a freehold book.

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

Lessees may apply for renewal of the lease with the SLA (Singapore Land Authority). The granting of extension is on a case-by-case basis and get considered generally if the development inside line with Government's planning intentions, maintained by relevant agencies, and usually means that land use intensification, mitigation of property decay and preservation of community. Generally if the extension is approved, a land premium, decided from your Chief Valuer, will pay. The new lease will not exceed the original, however it will function as shorter belonging to the original or the lease in step with URA's planning intention.

In addition, near finish of the lease period the State may need the land to be returned in its original complications. If so, demolition of buildings, land fillings, numerous others. will have to be borne by the current lessees.

For HDB flats, legally the flat will be returned to HDB in the end of this lease. HDB does don't have to make any monetary compensation, or offer an upgraded flat for the owners. The owners may additionally be required to remove any fixtures fitting.