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 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 soon.
Most housings in Singapore either fall into freehold or 99-year lease, with however making the bulk.
A 999-year lease is almost equivalent to freehold.
While 30-year-lease HDB studio apartments can be bought in short supply and are merely meant for elderly occupants.
Private developments with a 103-year lease period (the lease period is determined by the developer) on freehold land are few and much between. At the expiry for this lease, the non-governmental land owner delivers the right to re-acquire ground (i.e. reversionary right), sell the freehold tenure or extend the lease for their price.
Residential properties with 60-year lease are not available yet, but can in several years’ time when development on the main 60-year leasehold residential land plot at Jalan Jurong Kechil is completed.
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 to the home buyers. Currently, the government doesn’t 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 inside freehold bill.
However, topping up on the lease of leasehold private housings is allowed.
Lessees may apply for a renewal for this lease that’s not a problem SLA (Singapore Land Authority). The granting of extension is on a case-by-case basis and will be considered if the development is actually in 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 your Chief Valuer, will pay. The new lease will not exceed the original, that’s why will work as shorter of your original as well as lease in accordance with URA’s planning intention.
In addition, near the finish of the lease period the State may require the land with regard to returned in the original health conditions. If so, demolition of buildings, land fillings, etc. will have to be borne the particular current lessees.
For HDB flats, legally the flat will be returned to HDB affinity at serangoon the end for this lease. HDB does n’t have to make any monetary compensation, or offer a fresh one flat for the owners. Pet owners may be also required to take out any fixtures fitting.