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 only 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes get available early.
Most housings in Singapore either in the latter group freehold or 99-year lease, with however making up the bulk.
A 999-year lease will be equivalent to freehold.
While 30-year-lease HDB studio apartments come in short supply and merely meant for elderly residents.
Private developments with a 103-year lease period (the lease period is according to the developer) on freehold land are few and far between. In the expiry among the lease, the non-governmental land owner gets right to re-acquire the right time (i.e. reversionary right), sell the freehold tenure or extend the lease for a price.
Residential properties with 60-year lease aren’t available yet, but can 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 because the government sells most lands on 99-year tenure due to land scarcity in this country. affinity at serangoon condo the end of the lease period, the state can buy the land with compensation for the home operators. Currently, the government doesn’t offer freehold land parcels for sales anymore, except for 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 to get renewal among the lease with the SLA (Singapore Land Authority). The granting of extension is on the case-by-case basis and seem considered if ever 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. If the extension is approved, a land premium, decided by the Chief Valuer, will pay. The new lease will not exceed the original, that’s why will as the shorter of the original as well as lease in accordance with URA’s planning intention.
In addition, near the finish of the lease period the State may have to have the land in order to become returned in the original complications. 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 at the end for the lease. HDB does canrrrt you create to make any monetary compensation, or offer a substitute flat into the owners. Pet owners may also be required get rid of any fixtures fitting.