Skip to content

Freehold Residential Property: The Advantages 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 the first 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes possibly be available early.

Most housings in Singapore either set 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 are presented in short supply and merely meant for elderly home buyers.

Private developments with a 103-year lease period (the lease period is a point of the developer) on freehold land are few and between. In the expiry of 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 aren't available yet, but in order to in a few years' time when development on the first 60-year leasehold residential land plot at Jalan Jurong Kechil is carried out.

Homes in Singapore are predominantly 99-year leasehold given government sells most arrives at 99-year tenure due to land scarcity in the united states. At the end of the lease period, the state can acquire the land any kind of compensation to your home operators. 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 under a freehold title.

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

Lessees may apply of a renewal of the lease a problem SLA (Singapore Land Authority). The granting of extension is on a case-by-case basis and will be considered if the development is within line with Government's planning intentions, maintained relevant agencies, and creates land use intensification, mitigation of property decay and preservation of community. In case the extension is approved, a land premium, decided through the Chief Valuer, will pay. The new lease will not exceed the original, and it will be the shorter on the original or the lease in line with URA's planning intention.

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

For HDB flats, legally the flat will be returned to HDB in the end from the lease. HDB does not have to make any monetary compensation, affinity serangoon or offer an upgraded flat into the owners. Pet owners may also be required eradicate any fixtures fitting.