In Singapore, the public housing program, particularly the planning and development of new public housing and the allocation of rental units and resale of existing ownership units, is managed by the Housing and Development Board. Day-to-day management of public housing communities has largely been delegated to Town Councils headed by the local members of parliament.
Most of the residential housing developments in Singapore are publicly governed and developed. Most of the residents in public housing are tenants under a 99-year lease agreement.
Buying a new house is a major decision that demands a great deal of commitment. The tricky part is how we make it work for us by utilizing the information that is available. The real estate market could be quite alluring with a lot of fluctuations and what requires our attention is whether to settle for a new freehold condo or a leasehold property.
Considering the above mentioned features that come with a leasehold property in Singapore, it would be wise to turn your focus on the next option, which is a new freehold launch property in the heart of Singapore.
The state assigns a freehold property and it also disposes the land indefinitely to an individual. Real estate developers have built freehold bungalows, private housing units and condominiums. The ownership is distributed through Strata Title in case of a condominium or any other high-rise residential structures.
Freehold property launched by a new freehold project has its own share of benefits.
1) Owners face fewer and less restrictions if they would prefer transferring their land.
2) Owners have the right to subdivide and allocate the land even if it is under the control of the town planning department.
3) Freehold properties have the scope of steady growth with all the features maintained in good condition.
4) Owners of new freehold condo will be compensated if there is a redevelopment of old properties
5) It does not take longer to sell
6) The value is higher than a leasehold property
7) Easy and quick financing solutions
8) Easy reselling with increased resale value
9) Hassle-free paperwork for transferring ownership
10) Ensured increase in value for the first 20 – 30 years
11) No stagnation or depreciation of property value in the consecutive years
12) Freehold title allows the homeowner to have perpetual ownership of the property
13) Price transactions of freehold properties with the glorious view of the new Marina Bay skyline have risen.
14) New launch freehold condo in Singapore offers more value for money
15) For investors, freehold properties usually offer a higher rental yield
16) Freehold properties are attractive to buyers who plan to rent out their property
As far as the price is considered, new freehold commercial property launch in Singapore may or may not be cheaper than that of leasehold with similar features. With all the other details like the built-up area of the freehold property and land size being similar, the price of a freehold property is often reasonable compared to a leasehold property with fewer facilities.