Fuyong Estate's land ownership is considered a private land ownership with the lease commencing on 18 March 1947.
When its lease runs out, it will be put up for a collective sale.
Once the en bloc sales deal is completed, owners can hand over the units with vacant possession, in exchange for 100% of the sales proceeds.
Hope this answers your question.
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1) Although it is rare in Singapore that housing had their lease expire, but there is already a case on properties that had their lease expire.
2) This shall mark the first case in Singapore.
3) No compensation, no extension was quoted in the article.
4) So you will have to weigh whether it is worth spending this amount of money on this type of property.
Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636, or email: email@example.com if more information is needed.
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When the lease runs out, the interests of the land will revert back to the state or the owner of the land. Yes, at the end of the lease, the value of your property will go to zero and you will be required to vacate the premise. This had happen before for some of the private houses when their lease ran out.
Please feel free to contact me if you need any other assistance.
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Yes, once the lease runs out, the property will be returned to the land owner, in most cases, Singapore Government.
There are also leasehold properties on freehold land held by private owner, and not Government. These properties will be returned to the land owner upon lease expiration.
There will be no compensation for the previous owners of these properties.
I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.
Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305. I will be happy to assess and share with you the possibilities for you in the current market.
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