Discover the difference between Freehold and Leasehold properties in 2023! Making your first steps into real estate can be daunting, so we are here to help you out. Don’t get confused by these terms anymore – find out why leasehold homes might not necessarily last forever and when freehold is more advantageous for future generations of homeowners. So, Freehold vs Leasehold condo in 2023: which is better? Dive deeper into this concept today with our guide on comparing both options!
Freehold vs Leasehold Condo in 2023: The Comparison
Purchasing a private condominium is an important step for many people, so it’s essential to consider the details. Understanding whether property ownership is freehold or leasehold in 2023 can make all the difference in your long-term investment decisions. Whereas freehold properties grant owners their rights indefinitely, 99-year leaseholds revert to state ownership once their tenure has expired.
Freehold Property
In Singapore, only 20% of the land is held under rare Freehold status. This limited tenure offers unique privileges to homeowners and businesses that empower their investments for generations to come.
Also, owning a Freehold property guarantees the right to pass down full ownership and control of the land indefinitely, giving you complete freedom to ensure it remains in your family for generations. Despite the security of a Freehold property, government-sanctioned takeovers may still occur in certain cases. Ownership doesn’t necessarily offer protection if major infrastructure or defense plans are threatened by buildings standing in their way – in this scenario, nothing is set stone. Should an En-Bloc attempt be accepted by fellow residents, relocation would then become inevitable for everyone involved.
To be classified as Freehold, a property must have two qualities – immobility and indeterminate duration. This means that the land is securely affixed to its place in perpetuity.
Leasehold Property
When you lease a property, this means that your rights over the land are not as extensive and permanent as those who purchase freehold properties. With leasing, it is possible to retain control of the space for up to 99 years (for most cases), while also having an option to transfer possession during its tenure should someone else be interested in taking on ownership. However when time’s up – so too will be your access – handing back full authority once again into original owner hands. Plus with regards Leaseholds’ suitability for En-Bloc deals depends entirely upon the chronology of nearby surroudings!
As a leaseholder, your ownership of a property is limited by the duration set out in the agreement. Leveraging this fixed term, you can enjoy an allocated period to utilize and benefit from all that comes with it!
Leasehold Projects
In the past twelve months, there has been a surge in demand for leasehold properties. Popular projects in 2023 have included:
- Avenue South Residence (Estimated 2600psf)
- One Pearl Bank (Estimated 2900psf)
- The Landmark (Estimated 2700psf)
- Reviere (Estimated 3350psf)
- Reef@King’s Dock (Estimated 2600psf)
- Liv@MB (Estimated 2900psf)
Despite their more rural settings, homes located farther from major cities are also commanding premium prices!
- Lentor Modern (Estimated 2500psf)
- Sky Eden (Estimated 2400psf)
Future Leasehold Properties
- Tembusu Grand, to be launch in 1H 2023 (Estimated 2500psf)
- Lakeside Apartments, En-Bloc (Estimated 2400psf)
- Chuan Park, En-Bloc (Estimated 2500psf)
Freehold Projects
Terra Hill
Nestled in Pasir Panjang, Terra Hill is a premier freehold residential project only 3 minutes away from the MRT station! This oasis offers residents the perfect opportunity to be part of Singapore’s GSW transformation. Residents can expect an estimated average selling price of 2500psf – creating possibilities and potential benefits that are unparalleled.
Discover more about Terra Hill on the official website! Learn all you need to know by clicking here.
The Continuum
Situated at a convenient location with the Dakota MRT (2 minutes away) and Paya Lebar MRT (5 minutes away) within easy reach, The Continuum is an ideal freehold property for those seeking to invest in Singapore. Thanks to its excellent connectivity and desirable features, it has been estimated that this exciting opportunity can fetch up to 2600psf on average!
Uncover the secrets of The Continuum by visiting their official website here! Take a journey and discover all you need to know today.
Final Verdict: Freehold or Leasehold Condo in 2023?
When making the important decision of freehold vs leasehold condo in 2023 to choose in Singapore, there are many factors involved. From location and budgeting considerations to long-term planning objectives, it is essential that all aspects be evaluated before deciding whether Freehold or Leasehold will best serve your needs – a choice only you can make!
If you’re looking for the perfect property that offers maximum value, Leasehold condominiums are an ideal choice. Strategically located near transport links such as MRT stations or within areas marked by the government for future development – these properties have higher rental yields than others on offer in addition to a lower capital cost.
If you’re looking for a long-term investment with no financial constraints, investing in Freehold condominiums could be the ideal choice. Not only will it provide great returns on your investment, but you also have full control over how to use and pass down the property; giving peace of mind that its value can remain within generations.
As family dynamics evolve, thorough consideration is key when selecting a property for your present and future needs. After all, 30 years could bring much change; you may need more space or less. You might even find yourself wanting to downsize after 40 years of Freehold ownership – in that case, an investment into Leasehold would have allowed greater financial security come retirement time! We hope you enjoyed reading our article, Freehold vs Leasehold condo: Which is better? Ultimately, the choice is yours! Also, don’t hesitate to get in touch with us! In the meantime, take a look at our informative articles for helpful insights.