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Freehold Residential Property: The Important things about 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 your initial 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes possibly be available in a short time.

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

A 999-year lease is practically equivalent to freehold.

While 30-year-lease HDB studio apartments come into play short supply and merely meant for elderly home buyers.

Private developments with a 103-year lease period (the lease period is dependent upon the developer) on freehold land are few and between. In the expiry among the lease, the non-governmental land owner has the right to re-acquire ground (i.e. reversionary right), sell the freehold tenure or extend the lease of a price.

Residential properties with 60-year lease are not available yet, but in order to in a few years' time when development on the first 60-year leasehold residential land plot affinity at serangoon condo Jalan Jurong Kechil is carried out.

Homes in Singapore are predominantly 99-year leasehold ever since the government sells most visits 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 into the home buyers. Currently, the government does not offer freehold land parcels for sales anymore, aside from the sale of remnant State land to the adjoining landowner whose existing private land is already held underneath a freehold title.

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

Lessees may apply for one renewal from the lease a problem SLA (Singapore Land Authority). The granting of extension is on a case-by-case basis and get considered generally if the development open for line with Government's planning intentions, supported by relevant agencies, and usually means that land use intensification, mitigation of property decay and preservation of community. When the extension is approved, a land premium, decided along with Chief Valuer, will be charged. The new lease will not exceed the original, that's why will work as the shorter on the original as well as lease in accordance 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 types of conditions. If so, demolition of buildings, land fillings, numerous others. will have to be borne with current lessees.

For HDB flats, legally the flat will be returned to HDB at the end of the lease. HDB does not have to make any monetary compensation, or offer property flat into the owners. Pet owners may be also required to take out any fixtures fitting.