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Freehold Residential Property: The Advantages of Acquiring One

Homes in Singapore along 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 most important 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes are going to available ultimately.

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

A 999-year lease will be equivalent to freehold.

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

Private developments with a 103-year lease period (the lease period is a point of the developer) on freehold land are few and much between. At the expiry from the lease, the non-governmental land owner delivers the right to re-acquire the land (i.e. reversionary right), sell the freehold tenure or extend the lease for a price.

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

Homes in Singapore are predominantly 99-year leasehold because the government sells most hits 99-year tenure due to land scarcity in america. At the end of the lease period, the state can discover the land without any compensation to the home individuals. 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 within freehold 7steps.

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

Lessees may apply to get renewal for this lease a problem SLA (Singapore Land Authority). The granting of extension is on the case-by-case basis and get considered if for example the development open for line with Government's planning intentions, held by relevant agencies, and usually means that land use intensification, mitigation of property decay and preservation of community. If the extension is approved, a land premium, decided your Chief Valuer, will pay. The new lease will not exceed the original, that's why will as the shorter on the original and your lease in line with URA's planning intention.

In addition, near finish of the lease period the State may require the land become returned in its original health conditions. 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 affinity at serangoon condo the end for this lease. HDB does canrrrt you create to make any monetary compensation, or offer a substitute flat towards owners. The owners may be also required get rid of any fixtures fitting.