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Which is better, a freehold condo or leasehold condo in Singapore? Most Singaporeans prefer purchasing freehold properties, but can they really own them forever to hand down to the next generation? Read on to find out.
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- Dictionaryfreehold/ˈfriːhəʊld/
noun
- 1. permanent and absolute tenure of land or property with freedom to dispose of it at will.
adjective
- 1. held by or having the status of freehold: "freehold tenure"
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A freehold, in common law jurisdictions such as England and Wales, Australia, Canada, Ireland, and twenty states in the United States, is the common mode of ownership of real property, or land, and all immovable structures attached to such land.
- Land Ownership Value. Singapore faces the problem of land scarcity. Thus, in a land-scarce Singapore, it is more valuable to own a freehold property, as it will not be “taken away” by the state after their lease tenure expires.
- Upfront Cost of Property. Leasehold Property generally has lower upfront costs of approximately 15% to 20%, compared to freehold ones. This is a large sum of money, especially for those who are looking at purchasing their first private property.
- Rental Yield and Resale Value. The rental yield is the annual rental income divided by the total cost of the property. As freehold property tends to cost more than leasehold ones, it is likely that your rental yield for leasehold properties will be higher.
- Loan Restrictions. Owners of leasehold property often face more trouble and restrictions in using their CPF or getting loans. Banks are more reluctant to lend money for leasehold properties, especially if the remaining lease is coming to an end.
Dec 12, 2023 · In Singapore, property ownership mainly comprises of freehold estates, leasehold estates, and estates in perpetuity. There are two main types of freehold estates. The first is the fee simple.
Jul 25, 2022 · Freehold and leasehold properties. In Singapore, properties can be freehold (you can hold on to them indefinitely), or on a 99-year lease (what we usually mean by leasehold). There’s also another category that’s a holdover from the former British administration: the 999-year lease, which is effectively considered freehold.
