4 Answers

Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, basically valuation for such unit tend to depreciate each year.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
0
Robbie Chen Chee Howe
Hi,

Upon lease expiration, the land will be returned to the land owner, in most cases Singapore Government, though there are some houses/condos sitting on private land.

The pros of purchasing such property is mostly the attractive pricing. With the same amount of budget, you can get a much bigger land and built, as compared to a smaller Freehold landed property.

Last year, I transacted a semi-detached that has only a balance lease of 31 years. The purchaser was someone who sold his Freehold landed inter-terrace for about 2.5 to 3 times the price. In a way, he bought a bigger property for a fraction of his sale proceeds.

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.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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Dear Sir/Mdm,

The positive aspect is that the property is value for money as you will get a large usable and living space with a lower quantum. However, the downside is that old property generally cost more to maintain especially a landed property as there may be issues with the roof etc which will be very costly to repair or replace.

When the lease expires, the land interests will revert back to the owner which is usually the government. Please feel free to contact me if you need further clarifications.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020
Visit my website to know me better: www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
http://bit.ly/CEAnews

I have written a guide on buying Residential Property:
http://bit.ly/buypropertyguide

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“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
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Mr & Mrs Tan (Seller of Inter-Terrace House) Read More
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Hi,

1) The attractiveness of short-lease property is always the price.
2) There is nothing wrong with buying such a property.
3) Seller tends to sell it at an attractive price is because there is almost no buyer for such property.
4) So it is obvious that you will have to sell it cheap in the future to attract buyers.
5) Another reason for lacking buyer is because the property in Singapore always appreciate with time due to supply is always lower than demand.
6) Therefore buyers are using it as a form of long-term investment, live in it, and wait for it to appreciate until they find the price is right to let go or keep it for their children to inherit.
7) So people also worry they outlive the remaining lease of the property, and they will face problems without a roof overhead when they are old and without any income.
8) Property value dropping is definite because of the short lease remains.
9) Mortgage loan is reduced to 60% of the LTV when properties only have 36~40 years left. CPF usage for such properties is also limited to 15%.
10) For properties with 35 years or less on the lease, mortgage loans are usually not possible and CPF funds are not allowed to be used for such purchase.
11) Finally when the lease expires, the government will take over the property without any compensation. The 1st case was the terrace house at Lorong 3 Geylang (lease ends in 2020).
You may read the letter issued by SLA on this:
https://www.sla.gov.sg/articles/press-releases/2017/leases-at-lorong-3-geylang-to-expire-in-2020-and-land-to-be-redeveloped

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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