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 your initial 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes tend to be available in the.
Most housings in Singapore either fall into freehold or 99-year lease, with the latter making within the bulk.
A 999-year lease is nearly equivalent to freehold.
While 30-year-lease HDB studio apartments come into play short supply and are merely 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 of the lease, the non-governmental land owner has the right to re-acquire the land (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 site to website 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 arrives affinity at serangoon condo 99-year tenure due to land scarcity in this country. At the end of the lease period, the state can buy the land without any compensation to your home operators. 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 underneath a freehold title.
However, topping up of the lease of leasehold private housings is allowed.
Lessees may apply for renewal for this lease with the SLA (Singapore Land Authority). The granting of extension is on the case-by-case basis and seem considered if the development is within line with Government’s planning intentions, supported by relevant agencies, and just ends up with land use intensification, mitigation of property decay and preservation of community. In case the extension is approved, a land premium, decided along with Chief Valuer, will be charged. The new lease will not exceed the original, and it will function as shorter for the original and your lease based on URA’s planning intention.
In addition, near the final of the lease period the State may have to have the land to get returned in the original considerations. If so, demolition of buildings, land fillings, etc. will have to be borne with current lessees.
For HDB flats, legally the flat will be returned to HDB in the end from the lease. HDB does don’t have to make any monetary compensation, or offer property flat to your owners. The owners may even be required to get any fixtures fitting.