Sunday, July 2, 2017

What happens to a 99 year old property in Singapore when it reaches zero

4 possible scenario may happen when a property reaches 0 from a 99 year leasehold in Singapore.

If the property is a HDB property, it will run down to zero, return to the government for redevelopment.

If the unit is a private property, four things may happen.
1. Potential for En bloc - in this instance, a developer may buy over, top the lease back to 99 years and redevelop the area.

2. Residents can also apply to Singapore Land Authority to top the lease back to 99 years.

3. If En bloc and application to SLA is unsuccessful, the land will become zero and return to the government.

4. At any time government may buy the land from the residences for public use at current market value using the Singapore Land Act.

For more information, visit the link "here".

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