Freehold land sold as leasehold
- Thread starter rt333
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Baby1M
Well-Known Member
Re: Freehold land sold as leasehold
Firstly the land title deed belongs to the owner of the flat/unit, it no longer belong to the seller/developer.
Next for any land (including freehold) designated by the state for residential purposes, is purchased by a developer, the plot of land will be 'reassessed' by the state and given a new lease e.g. 99 to 999 or freehold.
Your question of freehold land is now sold as 103 years lease is likely a case of - developer purchased the freehold land, apply to the state for development, the state assigned it as 103 years lease.
Cases of freehold land turning into leasehold, will never again return to freehold status. Also freehold land in SG can still be ceased by the state if the state invoke the land acquisition law for the country's development.
From what i know, the answer to the highlighted word is yes but not the owner/developer take back the land. It is the state that takes back that lot of land.rt333;1067379 said:
Firstly the land title deed belongs to the owner of the flat/unit, it no longer belong to the seller/developer.
Next for any land (including freehold) designated by the state for residential purposes, is purchased by a developer, the plot of land will be 'reassessed' by the state and given a new lease e.g. 99 to 999 or freehold.
Your question of freehold land is now sold as 103 years lease is likely a case of - developer purchased the freehold land, apply to the state for development, the state assigned it as 103 years lease.
Cases of freehold land turning into leasehold, will never again return to freehold status. Also freehold land in SG can still be ceased by the state if the state invoke the land acquisition law for the country's development.
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playstation76
Well-Known Member
Re: Freehold land sold as leasehold
Which condo project?
Which condo project?
T6
Well-Known Member
Re: Freehold land sold as leasehold
The land owner takes back the land coz he sold you a lease. Nothing to do with Govt. So privately owned companies like Far East will sell such stuff coz they want their family to retain the assets over many generations.
So if you want to buy one of these 103 year leases, just take it as buying any 99 year lease. In the latter, the developer would have bought a 99 year lease from Govt and it goes back yo Govt after 99 years. So whichever you buy, you lose it once the lease expires. Thats why some home buyers prefer to buy 999 lease or freehold so that they can pass on to their kids or grandkids with no worries.
The land owner takes back the land coz he sold you a lease. Nothing to do with Govt. So privately owned companies like Far East will sell such stuff coz they want their family to retain the assets over many generations.
So if you want to buy one of these 103 year leases, just take it as buying any 99 year lease. In the latter, the developer would have bought a 99 year lease from Govt and it goes back yo Govt after 99 years. So whichever you buy, you lose it once the lease expires. Thats why some home buyers prefer to buy 999 lease or freehold so that they can pass on to their kids or grandkids with no worries.
Re: Freehold land sold as leasehold
Yup. It's Far East project. But for the flats to last 99 years quite impossible right? Until now flat government or private 20-30 years will en bloc and tear down.
So for Far East case, if the MCST calls for en bloc can the owner (Far East) stop the en bloc? If not, must the MCST approach far east to see if they can go ahead with the en bloc and pay a premium to top up to 99 years as far east owns the land instead of he government where flats sits on leasehold land. As land sold by government as leashold, en bloc case will need to refer by to the respective government department to get assess to see if allow for en bloc and top up to 99 years. Wat abt Far East case?
Yup. It's Far East project. But for the flats to last 99 years quite impossible right? Until now flat government or private 20-30 years will en bloc and tear down.
So for Far East case, if the MCST calls for en bloc can the owner (Far East) stop the en bloc? If not, must the MCST approach far east to see if they can go ahead with the en bloc and pay a premium to top up to 99 years as far east owns the land instead of he government where flats sits on leasehold land. As land sold by government as leashold, en bloc case will need to refer by to the respective government department to get assess to see if allow for en bloc and top up to 99 years. Wat abt Far East case?
Baby1M
Well-Known Member
Re: Freehold land sold as leasehold
If tat plot of land is truely freehold while the 'sitting' property is 103yrs leasehold... i m doubtful Far East would allow en bloc... if en bloc, sell to who? Another developer? Not possible IMO. Next, sell back to Far East? Why would they pay for it? They r already owner of the land the property sits on. Unless it is Far East themselves wants the property to en bloc and make an offer, otherwise end of day is still theirs.
The above is what i think.
If tat plot of land is truely freehold while the 'sitting' property is 103yrs leasehold... i m doubtful Far East would allow en bloc... if en bloc, sell to who? Another developer? Not possible IMO. Next, sell back to Far East? Why would they pay for it? They r already owner of the land the property sits on. Unless it is Far East themselves wants the property to en bloc and make an offer, otherwise end of day is still theirs.
The above is what i think.
Red_Bean_Bun
Well-Known Member
Re: Freehold land sold as leasehold
Maybe it's tax related ?
Maybe it's tax related ?
Re: Freehold land sold as leasehold
Actually I am very surprise the garment allow a developer to sell a freehold land on lease basis.
If the day comes when a developer hold 50% of Singapore freehold land and lease them out
without losing any of the land ownership... who's the garment here?
Anyway there is no "truly" freehold land in Singapore . Yes, it's
your until the garment says "I want it back" .
Actually I am very surprise the garment allow a developer to sell a freehold land on lease basis.
If the day comes when a developer hold 50% of Singapore freehold land and lease them out
without losing any of the land ownership... who's the garment here?
Anyway there is no "truly" freehold land in Singapore . Yes, it's
your until the garment says "I want it back" .
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