Property Views

[MrsKiasu]

Coolkidsrock2:

Lease re-set under SERS.

I guess that is because during SERS we will get new flat and therefore lease will start all over again?

[hquek]

Yes. becos for sers, they pay you for your old flat and you get a brand new.


That's why I love staying in HDB.

[jetsetter]

MrsKiasu:

Coolkidsrock2:

Lease re-set under SERS.

I guess that is because during SERS we will get new flat and therefore lease will start all over again?

Yesh, u get a new home with a fresh 99-year lease in the same familiar neighbourhood.

Here you go, the model answer from KBW:
[quote]VALUE OF HDB FLATS ON 99-YEAR LEASES AND FLATS UNDERGOING REDEVELOPMENT UNDER THE SERS PROGRAMME (Parliamentary Debates, 20 January 2014)

7 Mr Gerald Giam Yean Song asked the Minister for National Development (a) how many HDB blocks are more than 40 years into their 99-year lease; (b) what will be the value of an HDB flat once it reaches the end of its 99-year lease; (c) what is the average number of flats undergoing redevelopment under the Selective En Bloc Redevelopment Scheme (SERS) each year for the past 10 years; and (d) whether the pace of SERS is fast enough to redevelop all HDB blocks before they reach the end of their lease.

Mr Khaw Boon Wan : The Selective En bloc Redevelopment Scheme (SERS) is part of the Government’s estate renewal strategy for older estates. It allows intensification of land use and revitalises such estates through new developments. At the same time, it offers an opportunity for flat owners to buy a new replacement flat with a fresh 99 year lease.

In the last 10 years, SERS has benefitted the owners of about 18,000 flats. As the name suggests, the identification of suitable precincts for SERS is selective. The selection of sites and pace of SERS will depend on factors such as their redevelopment potential, and the availability of replacement sites for rehousing and other resources.

Currently, there are about 300 HDB blocks with 31,000 flats which are more than 40 years into their 99-year flat leases.

Like all leasehold properties, HDB flats will revert to HDB, the landowner, upon expiry of their leases. HDB will in turn surrender the land to the State.[/quote]
+++

Oh and don't forget there's the Lease Buyback Scheme (LBS) option too for retirees who cannot meet CPF min sum. :evil: :evil:

KBW tells u if you wish to terminate the lease prematurely, you can:
•\tReturn the flat to HDB
•\tReceive a refund for the remaining lease pro-rated on a straight-line basis

If you were to outlive the lease of your flat, you will not be left homeless. G will look into the circumstances of your case, considering your family support, health condition and financial status to determine the appropriate housing arrangement for you.

+++

In general,

The G’s policy is to allow leases to expire without extension. In land scarce Singapore, we are told we need to recover land upon lease expiry to re-allocate it to meet fast changing socio-economic needs.

Nevertheless, G will consider extension of State leases on a case-by-case basis where they are in line with planning intention and help to further specific economic and social objectives.

My sense is G will dangle carrots to get pp to get the hell out of their 99yo flat prematurely, so they can demolish them and rebuild 50-storey flats to fill in more people cos we target to hit 6.9 million population mah! :siam:

[jetsetter]

You may wish to know there’re some 103yr leasehold ppties in town. These devts are usually sitting on some pte ppty owner’s FREEHOLD land. They may not those listed developers or are family-owned biz.


For instance, The Shore Residences (formerly FH Rose Garden) is sitting on Far East family’s FH land, but sold to buyers as 103yr nia.

Same arrangement of 103yr leasehold Greenwood Mews in Greenwood Avenue and Cabana in Sunrise Terrace, also sitting on Ng family’s FH land.

This allows a developer to retain the FH land for redevelopment later, rather than selling away the title.

Another good e.g. which I went to view is Rochelle@Newton. Chui Huay Lim Club’s FH land carved out to let Sim Lian go build 99yr condos.

Spring Grove, also, sitting on former US Ambassador’s FH land.

FH sites are a precious resource in land-scarce SG, so carving out shorter leases for sale would ensure that ownership of these "legacy parcels" is retained.

These units are attractive to younger buyers cos their lower prices mean a higher rental yield compared with FH units.

[pirated]

jetsetter:

You may wish to know there're some 103yr leasehold ppties in town. These devts are usually sitting on some pte ppty owner's FREEHOLD land. They may not those listed developers or are family-owned biz.


For instance, The Shore Residences (formerly FH Rose Garden) is sitting on Far East family's FH land, but sold to buyers as 103yr nia.

Same arrangement of 103yr leasehold Greenwood Mews in Greenwood Avenue and Cabana in Sunrise Terrace, also sitting on Ng family's FH land.

This allows a developer to retain the freehold land for redevelopment later, rather than selling away the title.

Another good e.g. which I went to view is Rochelle@Newton. Chui Huay Lim Club's FH land carved out to let Sim Lian go build 99yr condos.

Spring Grove, also, sitting on former US Ambassador's FH land.

FH sites are a precious resource in land-scarce SG, so carving out shorter leases for sale would ensure that ownership of these \"legacy parcels\" is retained.

These units are attractive to younger buyers cos their lower prices mean a higher rental yield compared with FH units.

King's Ville next to NYPS also on 102 yrs leasehold

[Coolkidsrock2]

hquek:

Yes. becos for sers, they pay you for your old flat and you get a brand new.


That's why I love staying in HDB.

I always think owning HDB is the best deal.

[sleepy]

Oh boi, my flat approaching 40 years, hopefully got chance for sers in the not too distant future

[MrsKiasu]

Mine also quite old..hehehe and is a low rise block. I think I can hope for my block to be torn down

[hquek]

Personal view nia. I rather buy LH on govt land than private developer. Govt may be amenable in future to top up lease so got hope of en bloc or buy more time from govt. If its private owned, I seriously doubt they will.conaider without either a significant carrot. Imagine 40yrs on, estate super old. The only persons who may be keen will be that land owning family, and then why would they bid a good price…

[Coolkidsrock2]

hquek:

Personal view nia. I rather buy LH on govt land than private developer. Govt may be amenable in future to top up lease so got hope of en bloc or buy more time from govt. If its private owned, I seriously doubt they will.conaider without either a significant carrot. Imagine 40yrs on, estate super old. The only persons who may be keen will be that land owning family, and then why would they bid a good price.....

I have the same view. Am also cautious about the ownership for mixed developments. I want to sight the rules governing them before committing but have not been successful in getting hold of them. Will be grateful if anyone can share or direct me to them.