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 affinity at serangoon condo Jalan Jurong Kechil is the 60-year-lease plot to be sold (on 15 November 2012) for residential development; thus 60-year-lease homes are going to available soon.
Most housings in Singapore either crowd freehold or 99-year lease, with however making up the bulk.
A 999-year lease is nearly equivalent to freehold.
While 30-year-lease HDB studio apartments are available short supply and are only meant for elderly owners.
Private developments with a 103-year lease period (the lease period is a point of the developer) on freehold land are few and a lot between. In the expiry for this lease, the non-governmental land owner have 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 aren’t available yet, but is in several years’ time when development on the main 60-year leasehold residential land plot at Jalan Jurong Kechil is done.
Homes in Singapore are predominantly 99-year leasehold ever since the government sells most hits 99-year tenure due to land scarcity in this country. At the end of the lease period, the state can choose the land with compensation on the home webmasters. 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 underneath a freehold book.
However, topping up belonging to the lease of leasehold private housings is allowed.
Lessees may apply for renewal for this 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 is within line with Government’s planning intentions, sustained by relevant agencies, and creates land use intensification, mitigation of property decay and preservation of community. If ever the extension is approved, a land premium, decided from your Chief Valuer, will be charged. The new lease will not exceed the original, that’s why will be the shorter of the original or the lease in accordance with URA’s planning intention.
In addition, near the finish of the lease period the State may want the land in order to become returned in its original complications. 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 in the end of this lease. HDB does don’t have to make any monetary compensation, or offer an upgraded flat into the owners. The owners may be also required eradicate any fixtures fitting.